2018 Q3 Form 10-Q Financial Statement

#000004721718000044 Filed on August 28, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $14.59B $13.06B
YoY Change 11.68% 9.82%
Cost Of Revenue $11.90B $10.63B
YoY Change 11.9% 9.39%
Gross Profit $2.688B $2.427B
YoY Change 10.75% 11.74%
Gross Profit Margin 18.43% 18.58%
Selling, General & Admin $1.289B $1.097B
YoY Change 17.5% 52.57%
% of Gross Profit 47.95% 45.2%
Research & Development $347.0M $289.0M
YoY Change 20.07% -3.02%
% of Gross Profit 12.91% 11.91%
Depreciation & Amortization $132.0M $90.00M
YoY Change 46.67% 5.88%
% of Gross Profit 4.91% 3.71%
Operating Expenses $1.636B $1.386B
YoY Change 18.04% 36.28%
Operating Profit $1.018B $955.0M
YoY Change 6.6% -14.5%
Interest Expense -$60.00M $17.00M
YoY Change -452.94% -270.0%
% of Operating Profit -5.89% 1.78%
Other Income/Expense, Net $0.00 -$56.00M
YoY Change -100.0% 55.56%
Pretax Income $1.018B $899.0M
YoY Change 13.24% -16.84%
Income Tax $138.0M $203.0M
% Of Pretax Income 13.56% 22.58%
Net Earnings $880.0M $696.0M
YoY Change 26.44% -11.11%
Net Earnings / Revenue 6.03% 5.33%
Basic Earnings Per Share $0.55 $0.41
Diluted Earnings Per Share $0.54 $0.41
COMMON SHARES
Basic Shares Outstanding 1.601B shares 1.681B shares
Diluted Shares Outstanding 1.618B shares 1.695B shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.081B $7.987B
YoY Change -11.34% 41.71%
Cash & Equivalents $6.195B $6.967B
Short-Term Investments $886.0M $1.020B
Other Short-Term Assets $4.875B $5.059B
YoY Change -3.64% 33.24%
Inventory $6.091B $5.184B
Prepaid Expenses
Receivables $4.615B $4.233B
Other Receivables $2.731B $2.712B
Total Short-Term Assets $21.78B $21.44B
YoY Change 1.55% 23.22%
LONG-TERM ASSETS
Property, Plant & Equipment $2.112B $1.707B
YoY Change 23.73% 6.22%
Goodwill $5.930B $5.622B
YoY Change 5.48% 0.07%
Intangibles
YoY Change
Long-Term Investments $36.00M
YoY Change
Other Assets $4.436B $3.162B
YoY Change 40.29% 21.76%
Total Long-Term Assets $12.48B $10.49B
YoY Change 18.94% 6.81%
TOTAL ASSETS
Total Short-Term Assets $21.78B $21.44B
Total Long-Term Assets $12.48B $10.49B
Total Assets $34.25B $31.93B
YoY Change 7.26% 17.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.25B $12.80B
YoY Change 11.25% 23.09%
Accrued Expenses $7.082B $6.462B
YoY Change 9.59% 0.29%
Deferred Revenue $1.099B
YoY Change
Short-Term Debt $2.134B $0.00
YoY Change -100.0%
Long-Term Debt Due $547.0M $1.062B
YoY Change -48.49% 2490.24%
Total Short-Term Liabilities $25.51B $22.06B
YoY Change 15.62% 21.78%
LONG-TERM LIABILITIES
Long-Term Debt $4.503B $6.744B
YoY Change -33.23% -0.24%
Other Long-Term Liabilities $6.012B $7.469B
YoY Change -19.51% 19.01%
Total Long-Term Liabilities $6.012B $7.469B
YoY Change -19.51% 19.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.51B $22.06B
Total Long-Term Liabilities $6.012B $7.469B
Total Liabilities $31.52B $29.53B
YoY Change 6.74% 21.07%
SHAREHOLDERS EQUITY
Retained Earnings -$1.039B -$2.526B
YoY Change -58.87% -36.56%
Common Stock $586.0M $288.0M
YoY Change 103.47% -70.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.767B -$4.339B
YoY Change
Total Liabilities & Shareholders Equity $34.25B $31.93B
YoY Change 7.26% 17.3%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $880.0M $696.0M
YoY Change 26.44% -11.11%
Depreciation, Depletion And Amortization $132.0M $90.00M
YoY Change 46.67% 5.88%
Cash From Operating Activities $1.514B $1.775B
YoY Change -14.7% 66.67%
INVESTING ACTIVITIES
Capital Expenditures -$117.0M -$61.00M
YoY Change 91.8% -24.69%
Acquisitions
YoY Change
Other Investing Activities $416.0M -$1.421B
YoY Change -129.28% -745.91%
Cash From Investing Activities $299.0M -$1.482B
YoY Change -120.18% -1166.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $700.0M $300.0M
YoY Change 133.33% 200.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 135.0M 451.0M
YoY Change -70.07% -321.08%
NET CHANGE
Cash From Operating Activities 1.514B 1.775B
Cash From Investing Activities 299.0M -1.482B
Cash From Financing Activities 135.0M 451.0M
Net Change In Cash 1.948B 744.0M
YoY Change 161.83% -25.6%
FREE CASH FLOW
Cash From Operating Activities $1.514B $1.775B
Capital Expenditures -$117.0M -$61.00M
Free Cash Flow $1.631B $1.836B
YoY Change -11.17% 60.21%

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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">HP implemented an organizational change to align its segment and business unit financial reporting more closely with its current business structure. HP reflected this change to its segment and business unit information in prior reporting periods on an as-if basis. The reporting changes had no impact on previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share (&#8220;EPS&#8221;). See Note 2, &#8220;Segment Information&#8221;, for a further discussion of HP&#8217;s segment and business unit realignments.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the amounts reported in HP&#8217;s Consolidated Condensed Financial Statements and accompanying notes. Actual results could differ materially from those estimates.</font></div></div>

Files In Submission

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