2018 Q1 Form 10-Q Financial Statement

#000104360418000035 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $1.083B $1.221B
YoY Change -11.33% 11.21%
Cost Of Revenue $464.2M $474.4M
YoY Change -2.15% 16.56%
Gross Profit $618.4M $746.6M
YoY Change -17.17% 8.06%
Gross Profit Margin 57.12% 61.15%
Selling, General & Admin $295.4M $294.7M
YoY Change 0.24% 1.2%
% of Gross Profit 47.77% 39.47%
Research & Development $269.4M $276.2M
YoY Change -2.46% 10.04%
% of Gross Profit 43.56% 36.99%
Depreciation & Amortization $55.70M $55.80M
YoY Change -0.18% 18.72%
% of Gross Profit 9.01% 7.47%
Operating Expenses $562.9M $590.3M
YoY Change -4.64% 8.87%
Operating Profit $55.50M $156.3M
YoY Change -64.49% 5.11%
Interest Expense $26.00M $25.30M
YoY Change 2.77% 12.44%
% of Operating Profit 46.85% 16.19%
Other Income/Expense, Net -$14.10M -$15.70M
YoY Change -10.19% -29.28%
Pretax Income $41.40M $140.6M
YoY Change -70.55% 11.15%
Income Tax $7.000M $31.80M
% Of Pretax Income 16.91% 22.62%
Net Earnings $34.40M $108.8M
YoY Change -68.38% 19.04%
Net Earnings / Revenue 3.18% 8.91%
Basic Earnings Per Share $0.10 $0.29
Diluted Earnings Per Share $0.10 $0.28
COMMON SHARES
Basic Shares Outstanding 355.3M shares 380.9M shares
Diluted Shares Outstanding 360.6M shares 388.0M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.614B $2.242B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $96.00M $98.40M
Prepaid Expenses
Receivables $850.1M $670.9M
Other Receivables
Total Short-Term Assets $3.921B $3.994B
YoY Change -1.83% 21.98%
LONG-TERM ASSETS
Property, Plant & Equipment $1.014B $1.050B
YoY Change -3.48% 0.3%
Goodwill $3.096B $3.079B
YoY Change 0.55% 3.29%
Intangibles $123.8M $125.9M
YoY Change -1.67% 311.44%
Long-Term Investments
YoY Change
Other Assets $394.4M $235.6M
YoY Change 67.4% -37.47%
Total Long-Term Assets $5.922B $5.644B
YoY Change 4.91% 0.01%
TOTAL ASSETS
Total Short-Term Assets $3.921B $3.994B
Total Long-Term Assets $5.922B $5.644B
Total Assets $9.842B $9.638B
YoY Change 2.12% 8.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $189.2M $201.9M
YoY Change -6.29% -13.35%
Accrued Expenses
YoY Change
Deferred Revenue $804.9M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $349.3M
YoY Change
Total Short-Term Liabilities $1.830B $1.583B
YoY Change 15.63% 4.44%
LONG-TERM LIABILITIES
Long-Term Debt $2.134B
YoY Change 0.12%
Other Long-Term Liabilities $117.9M $185.4M
YoY Change -36.41% 145.89%
Total Long-Term Liabilities $117.9M $2.320B
YoY Change -94.92% 5.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.830B $1.583B
Total Long-Term Liabilities $117.9M $2.320B
Total Liabilities $4.837B $4.620B
YoY Change 4.7% 7.94%
SHAREHOLDERS EQUITY
Retained Earnings -$3.031B -$3.249B
YoY Change -6.7% -11.84%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.325B
YoY Change
Total Liabilities & Shareholders Equity $9.079B $9.638B
YoY Change -5.81% 8.08%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $34.40M $108.8M
YoY Change -68.38% 19.04%
Depreciation, Depletion And Amortization $55.70M $55.80M
YoY Change -0.18% 18.72%
Cash From Operating Activities $271.1M $546.6M
YoY Change -50.4% 217.05%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $22.20M $0.00
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $1.112B -$9.700M
YoY Change -11565.98% -83.04%
FINANCING ACTIVITIES
Cash Dividend Paid $62.10M $38.00M
YoY Change 63.42% -0.78%
Common Stock Issuance & Retirement, Net $724.9M $96.00M
YoY Change 655.1% 86.77%
Debt Paid & Issued, Net $0.00 $0.00
YoY Change -100.0%
Cash From Financing Activities -$803.6M -$134.0M
YoY Change 499.7% -228.48%
NET CHANGE
Cash From Operating Activities $271.1M $546.6M
Cash From Investing Activities $1.112B -$9.700M
Cash From Financing Activities -$803.6M -$134.0M
Net Change In Cash $585.9M $410.1M
YoY Change 42.87% 86.83%
FREE CASH FLOW
Cash From Operating Activities $271.1M $546.6M
Capital Expenditures
Free Cash Flow
YoY Change

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546600000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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271100000 USD
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CY2018Q1 us-gaap Nonoperating Income Expense
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16400000 USD
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1400000 USD
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8000000 USD
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100000 USD
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5300000 USD
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150000000 USD
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10000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
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CY2018Q1 us-gaap Preferred Stock Shares Outstanding
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331400000 USD
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CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
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33000000 USD
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CY2018Q1 us-gaap Research And Development Expense
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CY2018Q1 us-gaap Restricted Investments
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CY2018Q1 us-gaap Restructuring Reserve
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100000 USD
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CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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CY2018Q1 us-gaap Revenue Remaining Performance Obligation
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25300000 USD
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CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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CY2018Q1 us-gaap Sales Revenue Goods Net
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CY2018Q1 us-gaap Sales Revenue Net
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CY2018Q1 us-gaap Sales Revenue Services Net
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239400000 USD
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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300000 shares
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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P1Y9M19D
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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<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;">The following table summarizes the Company's stock repurchases and retirements, including prepayment pursuant to the ASR, under its stock repurchase programs (in millions, except per share amounts):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018 </font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017 </font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Repurchases Under Stock Repurchase Program</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares repurchased</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23.3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Average price per share</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.80</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28.03</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount repurchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">750.0</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">125.0</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:100%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">________________________________</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1) </sup></font><font style="font-family:inherit;font-size:9pt;">Shares repurchased under the 2018 Stock Repurchase Program.</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2) </sup></font><font style="font-family:inherit;font-size:9pt;">Shares repurchased under the 2014 Stock Repurchase Program.</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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