2017 Q2 Form 10-Q Financial Statement

#000111080317000025 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $598.0M $572.0M
YoY Change 4.55% 6.05%
Cost Of Revenue $230.0M $175.0M
YoY Change 31.43% 7.35%
Gross Profit $368.0M $397.0M
YoY Change -7.3% 5.48%
Gross Profit Margin 61.54% 69.41%
Selling, General & Admin $171.0M $150.0M
YoY Change 14.0% 20.54%
% of Gross Profit 46.47% 37.78%
Research & Development $145.0M $124.0M
YoY Change 16.94% 28.92%
% of Gross Profit 39.4% 31.23%
Depreciation & Amortization $26.00M $21.00M
YoY Change 23.81% -31.6%
% of Gross Profit 7.07% 5.29%
Operating Expenses $316.0M $276.0M
YoY Change 14.49% 22.98%
Operating Profit $52.00M $121.0M
YoY Change -57.02% -20.36%
Interest Expense $8.000M $8.000M
YoY Change 0.0% -28.6%
% of Operating Profit 15.38% 6.61%
Other Income/Expense, Net $451.0M -$5.000M
YoY Change -9120.0% -53.54%
Pretax Income $503.0M $116.0M
YoY Change 333.62% -17.83%
Income Tax $155.0M $28.00M
% Of Pretax Income 30.82% 24.14%
Net Earnings $367.0M $90.00M
YoY Change 307.78% -11.98%
Net Earnings / Revenue 61.37% 15.73%
Basic Earnings Per Share $2.50 $0.61
Diluted Earnings Per Share $2.48 $0.60
COMMON SHARES
Basic Shares Outstanding 146.0M shares 147.0M shares
Diluted Shares Outstanding 147.0M shares 148.0M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.778B $1.343B
YoY Change 32.38% -11.08%
Cash & Equivalents $981.0M $755.0M
Short-Term Investments $797.0M $588.2M
Other Short-Term Assets $72.00M $40.30M
YoY Change 78.66% -70.17%
Inventory $299.0M $287.9M
Prepaid Expenses
Receivables $368.0M $402.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.517B $2.074B
YoY Change 21.37% -7.32%
LONG-TERM ASSETS
Property, Plant & Equipment $734.0M $385.3M
YoY Change 90.52% 27.21%
Goodwill $771.0M $776.0M
YoY Change -0.65% 7.05%
Intangibles $207.0M $269.6M
YoY Change -23.21% -6.45%
Long-Term Investments $11.00M
YoY Change
Other Assets $286.0M $92.85M
YoY Change 208.02% 12.15%
Total Long-Term Assets $2.081B $1.720B
YoY Change 20.99% 17.37%
TOTAL ASSETS
Total Short-Term Assets $2.517B $2.074B
Total Long-Term Assets $2.081B $1.720B
Total Assets $4.598B $3.794B
YoY Change 21.2% 2.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.0M $154.7M
YoY Change -8.2% 43.38%
Accrued Expenses $386.0M $326.5M
YoY Change 18.21% 3.76%
Deferred Revenue $150.0M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $721.0M $481.2M
YoY Change 49.83% -33.63%
LONG-TERM LIABILITIES
Long-Term Debt $1.055B $1.023B
YoY Change 3.16% 2.18%
Other Long-Term Liabilities $212.0M $185.5M
YoY Change 14.27% 1.2%
Total Long-Term Liabilities $1.267B $1.208B
YoY Change 4.87% 559.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $721.0M $481.2M
Total Long-Term Liabilities $1.267B $1.208B
Total Liabilities $1.988B $1.689B
YoY Change 17.67% 85.98%
SHAREHOLDERS EQUITY
Retained Earnings $1.897B $1.112B
YoY Change 70.54% 39.02%
Common Stock $2.000M $1.876M
YoY Change 6.61% -99.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.145B $1.743B
YoY Change 23.08% 24.77%
Treasury Stock Shares
Shareholders Equity $2.551B $1.991B
YoY Change
Total Liabilities & Shareholders Equity $4.598B $3.794B
YoY Change 21.2% 2.45%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $367.0M $90.00M
YoY Change 307.78% -11.98%
Depreciation, Depletion And Amortization $26.00M $21.00M
YoY Change 23.81% -31.6%
Cash From Operating Activities $168.0M $99.00M
YoY Change 69.7% -42.24%
INVESTING ACTIVITIES
Capital Expenditures $83.00M $53.00M
YoY Change 56.6% -227.4%
Acquisitions $18.00M
YoY Change
Other Investing Activities $246.0M $9.900M
YoY Change 2384.85% -109.82%
Cash From Investing Activities $163.0M -$44.00M
YoY Change -470.45% -69.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $79.00M $23.00M
YoY Change 243.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$86.00M -$71.00M
YoY Change 21.13% -355.4%
NET CHANGE
Cash From Operating Activities $168.0M $99.00M
Cash From Investing Activities $163.0M -$44.00M
Cash From Financing Activities -$86.00M -$71.00M
Net Change In Cash $245.0M -$16.00M
YoY Change -1631.25% -128.22%
FREE CASH FLOW
Cash From Operating Activities $168.0M $99.00M
Capital Expenditures $83.00M $53.00M
Free Cash Flow $85.00M $46.00M
YoY Change 84.78% -78.4%

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16000000 USD
CY2016Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
39000000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-44000000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-86000000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
163000000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
99000000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
168000000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
90000000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
367000000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-19000000 USD
CY2017Q2 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
360000000 USD
CY2017Q2 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
-55000000 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5000000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
451000000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
276000000 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
316000000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
121000000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
52000000 USD
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
58000000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
57000000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
108000000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
286000000 USD
CY2017Q2 us-gaap Other Commitment
OtherCommitment
100000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2000000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
214000000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
212000000 USD
CY2016Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1000000 USD
CY2017Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2000000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
455000000 USD
CY2017Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
101000000 USD
CY2016Q2 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
29000000 USD
CY2016Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
69000000 USD
CY2017Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
22000000 USD
CY2016Q2 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
85000000 USD
CY2017Q2 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
61000000 USD
CY2016Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
18000000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53000000 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
83000000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
78000000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
72000000 USD
CY2017Q2 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
8000000 USD
CY2017Q2 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
278000000 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
23000000 USD
CY2017Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
40000000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
88000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
348000000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1040000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1080000000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
713000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
734000000 USD
CY2017Q2 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
-10000000 USD
CY2016Q2 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
76000000 USD
CY2017Q2 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1000000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
124000000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
145000000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1485000000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1897000000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
483000000 USD
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
491000000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
572000000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
598000000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
89000000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
107000000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
150000000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
163000000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
35000000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
50000000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
900000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
49.13
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1045000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
938000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
48.56
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.13
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
43.65
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
824000000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
797000000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
17000000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
16000000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
13000000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
12000000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
8000000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5000000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
7000000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4000000 USD
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
107000 shares
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
2197000000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
2551000000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2270000000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2551000000 USD
CY2017Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
32000000 USD
CY2017Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
77000000 USD
CY2017Q2 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
12000000 USD
CY2017Q1 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
44000000 USD
CY2017Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
59000000 USD
CY2017Q2 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-12000000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2022000000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
2145000000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146000000 shares
CY2017Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year consists of 52 or 53 weeks ending the Sunday closest to December&#160;31, with quarters of 13 or 14 weeks ending the Sunday closest to March&#160;31,&#160;June&#160;30,&#160;September&#160;30, and December&#160;31. The </font><font style="font-family:inherit;font-size:10pt;">three </font><font style="font-family:inherit;font-size:10pt;">months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April&#160;2, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April&#160;3, 2016</font><font style="font-family:inherit;font-size:10pt;"> were both 13 weeks.</font></div></div>

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