2015 Q3 Form 10-Q Financial Statement

#000083344415000062 Filed on July 31, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $2.505B $2.489B $2.660B
YoY Change -7.33% -6.43% 4.85%
Cost Of Revenue $1.579B $1.025B $1.104B
YoY Change -8.25% -7.16% 10.4%
Gross Profit $926.0M $1.464B $1.556B
YoY Change -5.7% -5.91% 1.24%
Gross Profit Margin 36.97% 58.82% 58.5%
Selling, General & Admin $581.0M $625.0M $671.0M
YoY Change -46.99% -6.86% -5.76%
% of Gross Profit 62.74% 42.69% 43.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.00M $86.00M $90.00M
YoY Change -3.41% -4.44% -5.26%
% of Gross Profit 9.18% 5.87% 5.78%
Operating Expenses $581.0M $625.0M $671.0M
YoY Change -46.99% -6.86% -5.76%
Operating Profit $345.0M $253.0M $297.0M
YoY Change -402.63% -14.81% 83.33%
Interest Expense -$23.00M $26.00M $24.00M
YoY Change 15.0% 8.33% -7.69%
% of Operating Profit -6.67% 10.28% 8.08%
Other Income/Expense, Net -$91.00M $6.000M $0.00
YoY Change -9200.0% -100.0%
Pretax Income $97.00M $237.0M $277.0M
YoY Change -144.5% -14.44% 96.45%
Income Tax $14.00M $49.00M $55.00M
% Of Pretax Income 14.43% 20.68% 19.86%
Net Earnings $66.00M $156.0M $1.450B
YoY Change -174.16% -89.24% 974.07%
Net Earnings / Revenue 2.63% 6.27% 54.51%
Basic Earnings Per Share $0.37 $3.17
Diluted Earnings Per Share $161.8K $0.37 $3.11
COMMON SHARES
Basic Shares Outstanding 421.5M shares 421.0M shares 458.0M shares
Diluted Shares Outstanding 427.0M shares 466.0M shares

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.475B $610.0M $1.912B
YoY Change 20.02% -68.1% 320.22%
Cash & Equivalents $553.0M $531.0M $432.0M
Short-Term Investments $74.00M $79.00M
Other Short-Term Assets $875.0M $1.058B $1.418B
YoY Change 31.98% -25.39% 23.41%
Inventory $1.665B $690.0M $650.0M
Prepaid Expenses
Receivables $3.617B $1.775B $1.739B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.47B $4.133B $5.719B
YoY Change 118.74% -27.73% 44.16%
LONG-TERM ASSETS
Property, Plant & Equipment $3.683B $1.215B $1.283B
YoY Change -4.26% -5.3% -21.77%
Goodwill $4.460B $4.291B $4.212B
YoY Change -2.43% 1.88% -2.55%
Intangibles $1.387B $890.0M $765.0M
YoY Change 94.8% 16.34% 6.84%
Long-Term Investments $248.0M $260.0M
YoY Change
Other Assets $2.240B $1.191B $797.0M
YoY Change 141.64% 49.44% -34.94%
Total Long-Term Assets $19.12B $7.587B $7.057B
YoY Change -31.69% 7.51% -10.7%
TOTAL ASSETS
Total Short-Term Assets $10.47B $4.133B $5.719B
Total Long-Term Assets $19.12B $7.587B $7.057B
Total Assets $29.59B $11.72B $12.78B
YoY Change -9.72% -8.27% 7.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.580B $744.0M $851.0M
YoY Change 212.73% -12.57% 2.41%
Accrued Expenses $1.661B $1.996B $1.962B
YoY Change 88.75% 1.73% 4.75%
Deferred Revenue
YoY Change
Short-Term Debt $35.00M $0.00 $0.00
YoY Change
Long-Term Debt Due $987.0M $277.0M $20.00M
YoY Change 4835.0% 1285.0% 5.26%
Total Short-Term Liabilities $10.45B $3.426B $3.259B
YoY Change 200.43% 5.12% 3.79%
LONG-TERM LIABILITIES
Long-Term Debt $2.159B $1.744B $1.443B
YoY Change 49.62% 20.86% -1.3%
Other Long-Term Liabilities $1.590B $1.898B $1.689B
YoY Change -15.02% 12.37% -21.0%
Total Long-Term Liabilities $8.434B $1.898B $1.689B
YoY Change 350.77% 12.37% -21.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.45B $3.426B $3.259B
Total Long-Term Liabilities $8.434B $1.898B $1.689B
Total Liabilities $8.245B $7.381B $6.735B
YoY Change 15.7% 9.59% -5.62%
SHAREHOLDERS EQUITY
Retained Earnings $10.80B $5.358B $4.962B
YoY Change 121.57% 7.98% 72.95%
Common Stock $3.747B $4.000M $208.0M
YoY Change 1701.44% -98.08% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.152B $0.00 $1.513B
YoY Change 25.33% -100.0% 55.98%
Treasury Stock Shares 69.67M shares 0.000 shares 37.06M shares
Shareholders Equity $10.34B $4.304B $6.002B
YoY Change
Total Liabilities & Shareholders Equity $29.59B $11.72B $12.78B
YoY Change 150.57% -8.27% 7.63%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $66.00M $156.0M $1.450B
YoY Change -174.16% -89.24% 974.07%
Depreciation, Depletion And Amortization $85.00M $86.00M $90.00M
YoY Change -3.41% -4.44% -5.26%
Cash From Operating Activities $29.00M $245.0M $177.0M
YoY Change -90.07% 38.42% -17.29%
INVESTING ACTIVITIES
Capital Expenditures -$63.00M -$60.00M -$75.00M
YoY Change -19.23% -20.0% 15.38%
Acquisitions $9.000M
YoY Change
Other Investing Activities -$47.00M -$11.00M $1.930B
YoY Change -21.67% -100.57% -6992.86%
Cash From Investing Activities -$110.0M -$71.00M $1.855B
YoY Change -20.29% -103.83% -2094.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 966.0M -73.00M -623.0M
YoY Change -183.13% -88.28% 650.6%
NET CHANGE
Cash From Operating Activities 29.00M 245.0M 177.0M
Cash From Investing Activities -110.0M -71.00M 1.855B
Cash From Financing Activities 966.0M -73.00M -623.0M
Net Change In Cash 885.0M 101.0M 1.409B
YoY Change -187.8% -92.83% 3607.89%
FREE CASH FLOW
Cash From Operating Activities $29.00M $245.0M $177.0M
Capital Expenditures -$63.00M -$60.00M -$75.00M
Free Cash Flow $92.00M $305.0M $252.0M
YoY Change -75.14% 21.03% -9.68%

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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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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:10px;padding-top:10px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications - </font><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified to conform with current period presentation. During the quarter ended June 26, 2015, the Company sold three businesses in the Rest of World ("ROW") Installation &amp; Services segment. The assets and liabilities related to these businesses were classified as held for sale of as September 26, 2014, and the results of operations of two of these businesses are included in discontinued operations for all periods presented, as the criteria to be presented as a discontinued operation were not satisfied for the third business. The Company expects to complete the sale of another of its ROW Installation &amp; Services businesses during the first half of fiscal 2016. The assets and liabilities of this business are classified as held for sale, and its results of operations are presented as discontinued operations for all periods presented. See Note 3. </font></div></div>

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