2015 Q1 Form 10-Q Financial Statement

#000102056915000003 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $749.3M $770.1M
YoY Change -2.71% 3.09%
Cost Of Revenue $321.7M $335.1M
YoY Change -4.0% 4.36%
Gross Profit $427.6M $435.0M
YoY Change -1.7% 2.21%
Gross Profit Margin 57.07% 56.48%
Selling, General & Admin $196.4M $214.8M
YoY Change -8.55% -3.88%
% of Gross Profit 45.93% 49.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.95M $86.43M
YoY Change -0.56% 7.77%
% of Gross Profit 20.1% 19.87%
Operating Expenses $196.4M $214.8M
YoY Change -8.55% -3.88%
Operating Profit $144.9M $132.6M
YoY Change 9.29% 7.96%
Interest Expense -$87.20M $62.31M
YoY Change -239.94% -1.38%
% of Operating Profit -60.17% 46.99%
Other Income/Expense, Net -$22.35M -$5.317M
YoY Change 320.33% 94.12%
Pretax Income $57.70M $74.45M
YoY Change -22.49% 30.79%
Income Tax $15.95M $29.73M
% Of Pretax Income 27.64% 39.94%
Net Earnings $41.74M $42.11M
YoY Change -0.88% 105.07%
Net Earnings / Revenue 5.57% 5.47%
Basic Earnings Per Share $0.20 $0.22
Diluted Earnings Per Share $0.19 $0.22
COMMON SHARES
Basic Shares Outstanding 210.2M shares 191.9M shares
Diluted Shares Outstanding 212.2M shares 193.1M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.0M $170.0M
YoY Change -29.41% -26.09%
Cash & Equivalents $119.6M $169.9M
Short-Term Investments
Other Short-Term Assets $157.8M $157.7M
YoY Change 0.06% -5.04%
Inventory
Prepaid Expenses
Receivables $590.0M $626.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $887.5M $987.6M
YoY Change -10.14% -1.35%
LONG-TERM ASSETS
Property, Plant & Equipment $2.477B $2.562B
YoY Change -3.32% 3.38%
Goodwill $2.359B $2.466B
YoY Change -4.36% 6.81%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.12M $27.65M
YoY Change -16.4% 29.0%
Total Long-Term Assets $5.439B $5.719B
YoY Change -4.9% 7.97%
TOTAL ASSETS
Total Short-Term Assets $887.5M $987.6M
Total Long-Term Assets $5.439B $5.719B
Total Assets $6.326B $6.707B
YoY Change -5.67% 6.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $184.4M $167.6M
YoY Change 10.0% -0.57%
Accrued Expenses $296.2M $417.7M
YoY Change -29.08% 13.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $54.00M $55.00M
YoY Change -1.82% -40.22%
Total Short-Term Liabilities $720.3M $867.9M
YoY Change -17.0% 2.76%
LONG-TERM LIABILITIES
Long-Term Debt $4.667B $4.289B
YoY Change 8.81% 14.13%
Other Long-Term Liabilities $72.36M $69.94M
YoY Change 3.46% 5.34%
Total Long-Term Liabilities $72.36M $69.94M
YoY Change 3.46% 5.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $720.3M $867.9M
Total Long-Term Liabilities $72.36M $69.94M
Total Liabilities $792.7M $937.8M
YoY Change -15.47% 2.94%
SHAREHOLDERS EQUITY
Retained Earnings $63.30M
YoY Change -58.49%
Common Stock $1.593B $986.5M
YoY Change 61.47% 3.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $742.9M $1.043B
YoY Change
Total Liabilities & Shareholders Equity $6.371B $6.707B
YoY Change -5.0% 6.49%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $41.74M $42.11M
YoY Change -0.88% 105.07%
Depreciation, Depletion And Amortization $85.95M $86.43M
YoY Change -0.56% 7.77%
Cash From Operating Activities $5.512M $55.64M
YoY Change -90.09% -47.81%
INVESTING ACTIVITIES
Capital Expenditures $74.78M $107.9M
YoY Change -30.67% 13.04%
Acquisitions $6.431M $30.78M
YoY Change -79.11% -41695.95%
Other Investing Activities $7.800M -$12.90M
YoY Change -160.47% -13000.0%
Cash From Investing Activities -$76.18M -$128.9M
YoY Change -40.9% 28.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $68.86M $120.8M
YoY Change -43.01% -957.74%
NET CHANGE
Cash From Operating Activities $5.512M $55.64M
Cash From Investing Activities -$76.18M -$128.9M
Cash From Financing Activities $68.86M $120.8M
Net Change In Cash -$1.805M $47.58M
YoY Change -103.79% -695.38%
FREE CASH FLOW
Cash From Operating Activities $5.512M $55.64M
Capital Expenditures $74.78M $107.9M
Free Cash Flow -$69.26M -$52.22M
YoY Change 32.65% -566.75%

Facts In Submission

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CY2014Q1 us-gaap Early Repayment Of Subordinated Debt
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P2Y3M18D
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4364000 USD
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CY2015Q1 us-gaap Revenue From Related Parties
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SellingGeneralAndAdministrativeExpense
196414000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7141000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6856000 USD
CY2014Q4 us-gaap Share Price
SharePrice
35.55
CY2014Q4 us-gaap Stock Dividends Shares
StockDividendsShares
15750000 shares
CY2014Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4821000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1994000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
856355000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
742855000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1051734000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1045071000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
869955000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
756502000 USD
CY2014Q1 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Gross Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseGrossOfTax
145000 USD
CY2015Q1 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Gross Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseGrossOfTax
4930000 USD
CY2014Q1 us-gaap Translation Adjustment For Net Investment Hedge Net Of Tax Period Increase Decrease
TranslationAdjustmentForNetInvestmentHedgeNetOfTaxPeriodIncreaseDecrease
88000 USD
CY2015Q1 us-gaap Translation Adjustment For Net Investment Hedge Net Of Tax Period Increase Decrease
TranslationAdjustmentForNetInvestmentHedgeNetOfTaxPeriodIncreaseDecrease
4930000 USD
CY2014Q1 us-gaap Translation Adjustment For Net Investment Hedge Tax Benefit Expense
TranslationAdjustmentForNetInvestmentHedgeTaxBenefitExpense
57000 USD
CY2015Q1 us-gaap Translation Adjustment For Net Investment Hedge Tax Benefit Expense
TranslationAdjustmentForNetInvestmentHedgeTaxBenefitExpense
0 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
5884000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
6167000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
966000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
942000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193069020 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
212249088 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
191879000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
210237000 shares
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates.</font></div></div>

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