2017 Q4 Form 10-K Financial Statement

#000139898718000017 Filed on February 27, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $1.444B $1.674B $1.793B
YoY Change 5.4% 1.82% 7.88%
Cost Of Revenue $950.0M $1.281B $1.355B
YoY Change -11.46% 3.81% 7.97%
Gross Profit $190.0M $393.0M $438.0M
YoY Change -36.03% -4.15% 7.62%
Gross Profit Margin 13.16% 23.48% 24.43%
Selling, General & Admin $97.00M $145.0M $168.0M
YoY Change -34.01% 6.62% 24.44%
% of Gross Profit 51.05% 36.9% 38.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.00M $50.00M $49.00M
YoY Change -7.55% -5.66% 2.08%
% of Gross Profit 25.79% 12.72% 11.19%
Operating Expenses $115.0M $145.0M $168.0M
YoY Change -42.5% 6.62% 24.44%
Operating Profit $75.00M $248.0M $270.0M
YoY Change -22.68% -9.49% -0.74%
Interest Expense -$30.00M $41.00M $47.00M
YoY Change 500.0% 10.81% -20.34%
% of Operating Profit -40.0% 16.53% 17.41%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $49.00M $153.0M $183.0M
YoY Change -43.02% -13.07% 19.61%
Income Tax -$45.00M $67.00M $73.00M
% Of Pretax Income -91.84% 43.79% 39.89%
Net Earnings $255.0M $95.00M $109.0M
YoY Change 347.37% -10.38% 18.48%
Net Earnings / Revenue 17.66% 5.68% 6.08%
Basic Earnings Per Share $1.91 $0.70 $0.79
Diluted Earnings Per Share $1.89 $0.69 $0.78
COMMON SHARES
Basic Shares Outstanding 134.6M shares 136.1M shares 137.6M shares
Diluted Shares Outstanding 138.1M shares 138.9M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $227.0M $348.0M $219.0M
YoY Change -17.15% 55.36% -48.23%
Cash & Equivalents $227.0M $348.0M $219.0M
Short-Term Investments
Other Short-Term Assets $179.0M $153.0M $172.0M
YoY Change 26.95% 9.29% 33.33%
Inventory
Prepaid Expenses
Receivables $153.0M $166.0M $178.0M
Other Receivables $223.0M $275.0M $292.0M
Total Short-Term Assets $789.0M $942.0M $861.0M
YoY Change -3.55% 14.04% -20.5%
LONG-TERM ASSETS
Property, Plant & Equipment $289.0M $272.0M $267.0M
YoY Change 8.24% 7.09% 6.8%
Goodwill $3.710B $3.704B $3.694B
YoY Change 5.58% 0.38% 1.74%
Intangibles $749.0M $748.0M $748.0M
YoY Change 0.13% 0.0% 0.4%
Long-Term Investments $74.00M $85.00M
YoY Change 12.12%
Other Assets $222.0M $253.0M $232.0M
YoY Change -0.89% 8.58% 1.31%
Total Long-Term Assets $6.548B $6.579B $6.565B
YoY Change -0.83% -0.75% 0.27%
TOTAL ASSETS
Total Short-Term Assets $789.0M $942.0M $861.0M
Total Long-Term Assets $6.548B $6.579B $6.565B
Total Assets $7.337B $7.521B $7.426B
YoY Change -1.13% 0.89% -2.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $156.0M $152.0M $170.0M
YoY Change 11.43% 7.04% 11.84%
Accrued Expenses $478.0M $442.0M $423.0M
YoY Change 3.24% 2.55% 4.96%
Deferred Revenue
YoY Change
Short-Term Debt $194.0M $234.0M $223.0M
YoY Change -5.37% -8.24% -20.36%
Long-Term Debt Due $127.0M $242.0M $237.0M
YoY Change -47.52% 22.84% 478.05%
Total Short-Term Liabilities $955.0M $1.088B $1.070B
YoY Change -9.05% 3.03% 17.97%
LONG-TERM LIABILITIES
Long-Term Debt $3.221B $3.234B $3.246B
YoY Change -1.35% -1.19% -12.06%
Other Long-Term Liabilities $212.0M $216.0M $241.0M
YoY Change -14.52% -26.28% -22.01%
Total Long-Term Liabilities $3.433B $3.450B $3.487B
YoY Change -2.28% -3.25% -12.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $955.0M $1.088B $1.070B
Total Long-Term Liabilities $3.433B $3.450B $3.487B
Total Liabilities $4.715B $5.056B $5.003B
YoY Change -4.79% 1.38% -3.9%
SHAREHOLDERS EQUITY
Retained Earnings -$2.631B -$2.886B -$2.981B
YoY Change -14.08% -7.47% -7.71%
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 $2.618B $2.461B $2.420B
YoY Change
Total Liabilities & Shareholders Equity $7.337B $7.521B $7.426B
YoY Change -1.13% 0.89% -2.67%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $255.0M $95.00M $109.0M
YoY Change 347.37% -10.38% 18.48%
Depreciation, Depletion And Amortization $49.00M $50.00M $49.00M
YoY Change -7.55% -5.66% 2.08%
Cash From Operating Activities $223.0M $258.0M $198.0M
YoY Change 26.7% -17.57% 22.22%
INVESTING ACTIVITIES
Capital Expenditures $30.00M $21.00M $20.00M
YoY Change 15.38% 0.0% 11.11%
Acquisitions
YoY Change
Other Investing Activities -$20.00M -$19.00M -$5.000M
YoY Change 1900.0% -77.38% -16.67%
Cash From Investing Activities -$50.00M -$40.00M -$25.00M
YoY Change 85.19% -61.9% 4.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -294.0M -90.00M -159.0M
YoY Change 203.09% -77.89% -5400.0%
NET CHANGE
Cash From Operating Activities 223.0M 258.0M 198.0M
Cash From Investing Activities -50.00M -40.00M -25.00M
Cash From Financing Activities -294.0M -90.00M -159.0M
Net Change In Cash -121.0M 128.0M 14.00M
YoY Change -332.69% -164.32% -90.07%
FREE CASH FLOW
Cash From Operating Activities $223.0M $258.0M $198.0M
Capital Expenditures $30.00M $21.00M $20.00M
Free Cash Flow $193.0M $237.0M $178.0M
YoY Change 28.67% -18.84% 23.61%

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153000000 USD
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86000000 USD
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349000000 USD
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183000000 USD
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153000000 USD
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49000000 USD
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351000000 USD
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500000000 USD
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CY2016 us-gaap Restructuring Charges
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CY2016Q4 us-gaap Revenues
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CY2016 us-gaap Revenues
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CY2017Q1 us-gaap Revenues
Revenues
1203000000 USD
CY2017Q2 us-gaap Revenues
Revenues
1793000000 USD
CY2017Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
5000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3062000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2631000000 USD
CY2015 us-gaap Revenue From Franchisor Owned Outlets
RevenueFromFranchisorOwnedOutlets
4288000000 USD
CY2016 us-gaap Revenue From Franchisor Owned Outlets
RevenueFromFranchisorOwnedOutlets
4277000000 USD
CY2017 us-gaap Revenue From Franchisor Owned Outlets
RevenueFromFranchisorOwnedOutlets
4576000000 USD
CY2017Q3 us-gaap Revenues
Revenues
1674000000 USD
CY2017Q4 us-gaap Revenues
Revenues
1444000000 USD
CY2017 us-gaap Revenues
Revenues
6114000000 USD
CY2015 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
2931000000 USD
CY2016 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
2945000000 USD
CY2017 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
3230000000 USD
CY2015 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
882000000 USD
CY2016 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
955000000 USD
CY2017 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
938000000 USD
CY2016Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
21000000 USD
CY2017Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
16000000 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
57000000 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
57000000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
52000000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3000000 shares
CY2017Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
2000000 USD
CY2016 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
7100000 shares
CY2017 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
9400000 shares
CY2016 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
195000000 USD
CY2017 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
280000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
2464000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
2618000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2183000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2422000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2469000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2622000000 USD
CY2016Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
2000000 USD
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
0 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
106000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
78000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
78000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
22000000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148100000 shares
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
54000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
23000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-32000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
3000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
3000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
19000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
145800000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138400000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146500000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144500000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
136700000 shares
CY2017 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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