2017 Q2 Form 10-Q Financial Statement

#000074925117000015 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $843.7M $610.0M
YoY Change 38.32% 11.33%
Cost Of Revenue $352.0M $231.4M
YoY Change 52.1% 9.94%
Gross Profit $491.7M $378.6M
YoY Change 29.89% 12.19%
Gross Profit Margin 58.28% 62.06%
Selling, General & Admin $408.2M $272.0M
YoY Change 50.08% 14.29%
% of Gross Profit 83.02% 71.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.06M $9.025M
YoY Change 100.08% 6.93%
% of Gross Profit 3.67% 2.38%
Operating Expenses $408.2M $272.0M
YoY Change 50.08% 14.29%
Operating Profit -$98.39M $83.30M
YoY Change -218.11% -2.25%
Interest Expense $43.96M $7.356M
YoY Change 497.55% 40.38%
% of Operating Profit 8.83%
Other Income/Expense, Net -$407.0K $1.248M
YoY Change -132.61% -366.67%
Pretax Income -$142.8M $77.19M
YoY Change -285.0% -2.92%
Income Tax -$50.47M $25.60M
% Of Pretax Income 33.16%
Net Earnings -$92.28M $51.63M
YoY Change -278.75% 0.92%
Net Earnings / Revenue -10.94% 8.46%
Basic Earnings Per Share -$1.03 $0.63
Diluted Earnings Per Share -$1.03 $0.62
COMMON SHARES
Basic Shares Outstanding 89.30M shares 82.56M shares
Diluted Shares Outstanding 89.30M shares 83.71M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $589.3M $445.1M
YoY Change 32.4% 24.47%
Cash & Equivalents $589.3M $445.1M
Short-Term Investments
Other Short-Term Assets $284.3M $174.8M
YoY Change 62.64% -3.37%
Inventory
Prepaid Expenses
Receivables $886.4M $613.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.760B $1.234B
YoY Change 42.66% 15.72%
LONG-TERM ASSETS
Property, Plant & Equipment $197.1M $117.3M
YoY Change 68.12% 9.47%
Goodwill $2.377B $742.8M
YoY Change 220.01% 27.4%
Intangibles $1.595B $99.27M
YoY Change 1507.16% 266.16%
Long-Term Investments
YoY Change
Other Assets $272.5M $111.6M
YoY Change 144.21% 43.53%
Total Long-Term Assets $5.235B $1.071B
YoY Change 388.85% 34.7%
TOTAL ASSETS
Total Short-Term Assets $1.760B $1.234B
Total Long-Term Assets $5.235B $1.071B
Total Assets $6.995B $2.305B
YoY Change 203.53% 23.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $517.1M $287.5M
YoY Change 79.86% 9.61%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $277.6M $70.00M
YoY Change 296.54% 250.0%
Total Short-Term Liabilities $2.244B $1.387B
YoY Change 61.75% 15.17%
LONG-TERM LIABILITIES
Long-Term Debt $3.140B $756.0M
YoY Change 315.38% 8.78%
Other Long-Term Liabilities $757.0M $214.1M
YoY Change 253.58% 62.59%
Total Long-Term Liabilities $3.897B $970.1M
YoY Change 301.74% 17.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.244B $1.387B
Total Long-Term Liabilities $3.897B $970.1M
Total Liabilities $6.141B $2.357B
YoY Change 160.51% 16.06%
SHAREHOLDERS EQUITY
Retained Earnings $1.588B $1.547B
YoY Change 2.66% 14.21%
Common Stock $82.00K $78.00K
YoY Change 5.13% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.418B $2.391B
YoY Change 1.13% 4.66%
Treasury Stock Shares 72.99M shares 73.61M shares
Shareholders Equity $853.7M -$52.83M
YoY Change
Total Liabilities & Shareholders Equity $6.995B $2.305B
YoY Change 203.53% 23.83%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$92.28M $51.63M
YoY Change -278.75% 0.92%
Depreciation, Depletion And Amortization $18.06M $9.025M
YoY Change 100.08% 6.93%
Cash From Operating Activities $112.3M $148.5M
YoY Change -24.35% 3.31%
INVESTING ACTIVITIES
Capital Expenditures -$30.90M -$18.70M
YoY Change 65.24% 55.83%
Acquisitions $2.620B
YoY Change
Other Investing Activities -$2.493B -$29.10M
YoY Change 8467.01%
Cash From Investing Activities -$2.524B -$47.80M
YoY Change 5180.13% 298.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.81M $6.480M
YoY Change 82.22% -94.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.769B -64.30M
YoY Change -2850.54% 3.54%
NET CHANGE
Cash From Operating Activities 112.3M $148.5M
Cash From Investing Activities -2.524B -47.80M
Cash From Financing Activities 1.769B -64.30M
Net Change In Cash -643.0M $148.5M
YoY Change -533.14% 113.29%
FREE CASH FLOW
Cash From Operating Activities $112.3M $148.5M
Capital Expenditures -$30.90M -$18.70M
Free Cash Flow $143.2M $167.2M
YoY Change -14.33% 7.36%

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CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
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2 acquisition
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2 acquisition
CY2017Q2 us-gaap Number Of Countries In Which Entity Operates
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100 country
us-gaap Number Of Reportable Segments
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4 segment
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
83299000 USD
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OperatingIncomeLoss
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3335000 USD
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5403000 USD
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1024000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5395000 USD
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OtherComprehensiveIncomeLossNetOfTax
1427000 USD
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
794000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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6480000 USD
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4975000 USD
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2821903000 USD
us-gaap Treasury Stock Shares Acquired
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320366 shares
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PaymentsToAcquireBusinessesNetOfCashAcquired
2620000000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
84540000 USD
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PrepaidExpenseAndOtherAssetsCurrent
141237000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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830000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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2885000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4702000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
5662000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
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PropertyPlantAndEquipmentNet
197129000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
820000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
1167264000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
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CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2017Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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712470000 USD
us-gaap Share Based Compensation
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26607000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
53573000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5500000 shares
CY2017Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1200000000.0 USD
CY2017Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1100000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q2 us-gaap Subscription Revenue
SubscriptionRevenue
456690000 USD
us-gaap Subscription Revenue
SubscriptionRevenue
904280000 USD
CY2017Q2 us-gaap Subscription Revenue
SubscriptionRevenue
613732000 USD
us-gaap Subscription Revenue
SubscriptionRevenue
1125038000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
73583172 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
72987932 shares
CY2016Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
66087 shares
CY2017Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
101614 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2396649000 USD
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TreasuryStockValue
2418236000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
37100000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
64700000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83711000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83708000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89297000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86066000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82559000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82505000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89297000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86066000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
6100000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates</font><font style="font-family:inherit;font-size:10pt;">. The preparation of the accompanying interim condensed consolidated financial statements requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of fees receivable, goodwill, intangible assets, and other long-lived assets, as well as tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense, performance-based compensation charges, depreciation and amortization. Management believes its use of estimates in these interim condensed consolidated financial statements to be reasonable.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management continually evaluates and revises its estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. Management adjusts these estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management&#8217;s best judgment at a point in time. As a result, differences between our estimates and actual results could be material and would be reflected in the Company&#8217;s consolidated financial statements in future periods.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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