2019 Q2 Form 10-Q Financial Statement

#000088398419000029 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $312.3M $360.5M
YoY Change -13.37% 8.73%
Cost Of Revenue $208.4M $208.7M
YoY Change -0.12% -14.29%
Gross Profit $103.9M $151.8M
YoY Change -31.58% 72.38%
Gross Profit Margin 33.26% 42.11%
Selling, General & Admin $67.82M $81.82M
YoY Change -17.1% -3.87%
% of Gross Profit 65.3% 53.9%
Research & Development $11.20M $13.58M
YoY Change -17.5% 4.69%
% of Gross Profit 10.78% 8.94%
Depreciation & Amortization $14.70M $13.60M
YoY Change 8.09% -5.56%
% of Gross Profit 14.15% 8.96%
Operating Expenses $77.60M $120.1M
YoY Change -35.37% -3.16%
Operating Profit $26.27M $31.72M
YoY Change -17.19% -188.28%
Interest Expense $139.0K $130.0K
YoY Change 6.92% -75.24%
% of Operating Profit 0.53% 0.41%
Other Income/Expense, Net $1.479M -$1.992M
YoY Change -174.25% -26.76%
Pretax Income $27.61M $29.60M
YoY Change -6.73% -175.55%
Income Tax $4.773M -$1.457M
% Of Pretax Income 17.29% -4.92%
Net Earnings $22.83M $31.05M
YoY Change -26.47% -183.79%
Net Earnings / Revenue 7.31% 8.62%
Basic Earnings Per Share $1.11 $1.53
Diluted Earnings Per Share $1.06 $1.44
COMMON SHARES
Basic Shares Outstanding 20.62M shares 20.35M shares
Diluted Shares Outstanding 21.52M shares 21.57M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $313.7M $327.2M
YoY Change -4.11% 35.81%
Cash & Equivalents $291.9M $309.1M
Short-Term Investments $21.86M $18.07M
Other Short-Term Assets $3.633M $4.880M
YoY Change -25.55% -15.76%
Inventory $330.0M $289.0M
Prepaid Expenses
Receivables $230.3M $149.9M
Other Receivables $25.40M $110.4M
Total Short-Term Assets $929.6M $899.5M
YoY Change 3.34% -0.54%
LONG-TERM ASSETS
Property, Plant & Equipment $436.9M $415.7M
YoY Change 5.1% 10.98%
Goodwill $11.18M $13.35M
YoY Change -16.23% 100.66%
Intangibles $134.1M $134.8M
YoY Change -0.56% -15.92%
Long-Term Investments $2.000M $5.900M
YoY Change -66.1%
Other Assets $44.20M $37.38M
YoY Change 18.22% 25.96%
Total Long-Term Assets $693.3M $626.8M
YoY Change 10.61% 7.54%
TOTAL ASSETS
Total Short-Term Assets $929.6M $899.5M
Total Long-Term Assets $693.3M $626.8M
Total Assets $1.623B $1.526B
YoY Change 6.33% 2.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $131.2M $91.19M
YoY Change 43.87% 125.47%
Accrued Expenses $128.8M $111.3M
YoY Change 15.72% -23.95%
Deferred Revenue $5.598M $1.528M
YoY Change 266.36%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $260.0M $202.5M
YoY Change 28.4% 7.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $44.40M $65.40M
YoY Change -32.11% -32.92%
Total Long-Term Liabilities $44.40M $65.40M
YoY Change -32.11% -12.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $260.0M $202.5M
Total Long-Term Liabilities $44.40M $65.40M
Total Liabilities $305.1M $269.3M
YoY Change 13.29% 1.97%
SHAREHOLDERS EQUITY
Retained Earnings $674.6M $627.9M
YoY Change 7.44% 17.19%
Common Stock $659.6M $646.4M
YoY Change 2.04% 8.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.650M $20.00K
YoY Change 8150.0% 33.33%
Treasury Stock Shares 7.035K shares 72.00 shares
Shareholders Equity $1.318B $1.257B
YoY Change
Total Liabilities & Shareholders Equity $1.623B $1.526B
YoY Change 6.33% 2.63%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $22.83M $31.05M
YoY Change -26.47% -183.79%
Depreciation, Depletion And Amortization $14.70M $13.60M
YoY Change 8.09% -5.56%
Cash From Operating Activities $23.30M $79.70M
YoY Change -70.77% 67.09%
INVESTING ACTIVITIES
Capital Expenditures -$22.20M -$23.00M
YoY Change -3.48% 85.48%
Acquisitions
YoY Change
Other Investing Activities -$9.300M -$1.300M
YoY Change 615.38%
Cash From Investing Activities -$31.50M -$24.30M
YoY Change 29.63% 95.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.900M 9.300M
YoY Change -68.82% 389.47%
NET CHANGE
Cash From Operating Activities 23.30M 79.70M
Cash From Investing Activities -31.50M -24.30M
Cash From Financing Activities 2.900M 9.300M
Net Change In Cash -5.300M 64.70M
YoY Change -108.19% 73.92%
FREE CASH FLOW
Cash From Operating Activities $23.30M $79.70M
Capital Expenditures -$22.20M -$23.00M
Free Cash Flow $45.50M $102.7M
YoY Change -55.7% 70.88%

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<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Standards</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;">I</span><span style="font-family:inherit;font-size:10pt;">n August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal use software license. Costs to develop or obtain internal-use software that cannot be capitalized under subtopic 350-40, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. Therefore, an entity in a hosting arrangement that is a service contract determines which project stage (that is, preliminary project stage, application development stage, or post-implementation stage) an implementation activity relates to. Costs for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities are performed. The amendments in this update require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the impact of this ASU on the consolidated financial statements and related disclosures. </span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">    </span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;"/><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements in Topic 820. The amendments remove from disclosure: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The amendments also made the following disclosure modifications: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The amendments also added the following disclosure requirements: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in ASU 2018-02 are effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact of this ASU on the consolidated financial statements and related disclosures.    </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update amends the FASB's guidance on the impairment of financial instruments by requiring timelier recording of credit losses on loans and other financial instruments. The ASU adds an impairment model that is based on expected losses rather than incurred losses. The ASU also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In April 2019, the FASB issued ASU No. 2019-04 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses and in May 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses to Topic 326, Financial Instruments - Targeted Transition Relief. ASU 2019-04 clarifies and corrects certain areas of the Codification and ASU 2019-05 provides entities with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments in these updates will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted as of the fiscal years beginning after December 15, 2018. The updated guidance requires a modified retrospective adoption. We are currently evaluating the impact of this ASU on the consolidated financial statements and related disclosures.
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4209000 USD
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4176000 USD
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0 USD
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ContractsettlementST
1667000 USD
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ContractsettlementST
2083000 USD
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1667000 USD
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30116000 USD
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20592000 USD
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3351000 USD
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0.21
CY2019Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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1800000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
7400000 USD
CY2019Q2 icui Discretetaxbenefitcontingentconsiderationrevaluation
Discretetaxbenefitcontingentconsiderationrevaluation
9500000 USD
icui Discretetaxbenefitcontingentconsiderationrevaluation
Discretetaxbenefitcontingentconsiderationrevaluation
11300000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2018Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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7800000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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11200000 USD
icui Contractsettlementtaxbenefit
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5700000 USD
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150000000.0 USD
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150000000.0 USD
us-gaap Line Of Credit Facility Expiration Date1
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2022-11-08
CY2019Q2 icui Treasury Stock Purchase Plan
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40000000.0 USD
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7200000 USD
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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18300000 USD
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CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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icui Contractsettlement
Contractsettlement
28900000 USD
CY2018Q4 icui Contractsettlement
Contractsettlement
12700000 USD
icui Contingentconsiderationgross
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225000000.0 USD
CY2019Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
200000 USD

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