2018 Q3 Form 10-Q Financial Statement

#000031920118000055 Filed on October 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $1.093B $969.6M
YoY Change 12.76% 29.16%
Cost Of Revenue $381.4M $353.1M
YoY Change 8.01% 27.1%
Gross Profit $711.9M $616.5M
YoY Change 15.48% 30.38%
Gross Profit Margin 65.11% 63.58%
Selling, General & Admin $114.4M $107.4M
YoY Change 6.52% 13.82%
% of Gross Profit 16.08% 17.43%
Research & Development $153.5M $146.7M
YoY Change 4.67% 13.51%
% of Gross Profit 21.57% 23.79%
Depreciation & Amortization $16.09M $15.28M
YoY Change 5.27% 5.96%
% of Gross Profit 2.26% 2.48%
Operating Expenses $268.0M $254.1M
YoY Change 5.45% 13.64%
Operating Profit $443.9M $362.3M
YoY Change 22.51% 45.39%
Interest Expense $26.36M $30.58M
YoY Change -13.78% -0.51%
% of Operating Profit 5.94% 8.44%
Other Income/Expense, Net $10.30M $5.100M
YoY Change 101.96% 37.84%
Pretax Income $427.6M $336.2M
YoY Change 27.19% 51.27%
Income Tax $31.62M $55.22M
% Of Pretax Income 7.4% 16.43%
Net Earnings $395.9M $280.9M
YoY Change 40.94% 57.74%
Net Earnings / Revenue 36.22% 28.97%
Basic Earnings Per Share $2.55 $1.79
Diluted Earnings Per Share $2.54 $1.78
COMMON SHARES
Basic Shares Outstanding 155.2M shares 156.8M shares
Diluted Shares Outstanding 156.1M shares 157.8M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.780B $3.057B
YoY Change -9.04% 22.52%
Cash & Equivalents $1.650B $1.321B
Short-Term Investments $1.131B $1.736B
Other Short-Term Assets $145.0M $73.87M
YoY Change 96.28% -3.53%
Inventory $993.5M $762.4M
Prepaid Expenses $57.95M $43.40M
Receivables $635.9M $666.7M
Other Receivables $3.300M $20.40M
Total Short-Term Assets $4.521B $4.559B
YoY Change -0.84% 16.04%
LONG-TERM ASSETS
Property, Plant & Equipment $291.2M $279.9M
YoY Change 4.06% 2.76%
Goodwill $360.4M $349.7M
YoY Change 3.07% 4.32%
Intangibles $25.13M $17.76M
YoY Change 41.47% 479.54%
Long-Term Investments
YoY Change
Other Assets $225.2M $201.3M
YoY Change 11.86% 6.77%
Total Long-Term Assets $1.124B $1.131B
YoY Change -0.6% 315.24%
TOTAL ASSETS
Total Short-Term Assets $4.521B $4.559B
Total Long-Term Assets $1.124B $1.131B
Total Assets $5.645B $5.690B
YoY Change -0.8% 13.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.9M $138.7M
YoY Change 11.74% 31.97%
Accrued Expenses $583.5M $602.9M
YoY Change -3.22% 23.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $250.0M
YoY Change
Total Short-Term Liabilities $1.311B $1.466B
YoY Change -10.58% 50.4%
LONG-TERM LIABILITIES
Long-Term Debt $2.238B $2.525B
YoY Change -11.37% -16.36%
Other Long-Term Liabilities $448.0M $175.1M
YoY Change 155.84% 8.76%
Total Long-Term Liabilities $2.686B $2.700B
YoY Change -0.52% 1576.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.311B $1.466B
Total Long-Term Liabilities $2.686B $2.700B
Total Liabilities $4.078B $4.226B
YoY Change -3.52% 0.28%
SHAREHOLDERS EQUITY
Retained Earnings $1.027B $996.5M
YoY Change 3.1% 161.47%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.567B $1.464B
YoY Change
Total Liabilities & Shareholders Equity $5.645B $5.690B
YoY Change -0.8% 13.9%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $395.9M $280.9M
YoY Change 40.94% 57.74%
Depreciation, Depletion And Amortization $16.09M $15.28M
YoY Change 5.27% 5.96%
Cash From Operating Activities $381.4M $373.6M
YoY Change 2.08% 120.07%
INVESTING ACTIVITIES
Capital Expenditures $22.33M $15.76M
YoY Change 41.72% 59.43%
Acquisitions $11.79M $710.0K
YoY Change 1560.14%
Other Investing Activities $337.2M $128.8M
YoY Change 161.8% -181.57%
Cash From Investing Activities $314.9M $113.0M
YoY Change 178.66% -167.33%
FINANCING ACTIVITIES
Cash Dividend Paid $122.8M $100.3M
YoY Change 22.36% 12.33%
Common Stock Issuance & Retirement, Net $300.0M $39.93M
YoY Change 651.31%
Debt Paid & Issued, Net $0.00 $156.3M
YoY Change -100.0% 290.63%
Cash From Financing Activities -$449.7M -$320.1M
YoY Change 40.47% 118.24%
NET CHANGE
Cash From Operating Activities $381.4M $373.6M
Cash From Investing Activities $314.9M $113.0M
Cash From Financing Activities -$449.7M -$320.1M
Net Change In Cash $245.1M $166.5M
YoY Change 47.23% -215.03%
FREE CASH FLOW
Cash From Operating Activities $381.4M $373.6M
Capital Expenditures $22.33M $15.76M
Free Cash Flow $359.1M $357.9M
YoY Change 0.34% 123.82%

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CY2018Q3 us-gaap Depreciation Depletion And Amortization
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3497000 USD
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8595000 USD
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1393000 USD
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5385000 USD
CY2018Q3 us-gaap Derivative Assets
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9988000 USD
CY2018Q2 us-gaap Derivative Collateral Obligation To Return Cash
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0 USD
CY2018Q3 us-gaap Derivative Collateral Obligation To Return Cash
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0 USD
CY2018Q2 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2018Q3 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2018Q2 us-gaap Derivative Fair Value Of Derivative Asset
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1037000 USD
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200000 USD
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1393000 USD
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0 USD
CY2018Q3 us-gaap Derivative Liability Fair Value Gross Asset
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4940000 USD
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0 USD
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1888000 USD
CY2018Q3 us-gaap Derivative Liability Not Offset Policy Election Deduction
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1393000 USD
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7011000 USD
CY2018Q3 us-gaap Dividends Payable Current And Noncurrent
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1.79
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2.55
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1.78
CY2018Q3 us-gaap Earnings Per Share Diluted
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2.54
CY2017Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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243874000 USD
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CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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221293000 USD
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3523000 USD
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4244000 USD
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4438000 USD
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4438000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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4438000 USD
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246422000 USD
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19333000 USD
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25129000 USD
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CY2018Q3 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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336152000 USD
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427568000 USD
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CY2018Q3 us-gaap Income Tax Expense Benefit
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23858000 USD
CY2018Q3 us-gaap Income Taxes Paid
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24962000 USD
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CY2018Q3 us-gaap Increase Decrease In Accounts Payable
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CY2017Q3 us-gaap Increase Decrease In Accounts Receivable
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646000 USD
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20194000 USD
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55738000 USD
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4222000 USD
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16853000 USD
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25800000 USD
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Land
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2300000 USD
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250000000 USD
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9242000 USD
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34000 USD
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3295000 USD
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1558000 USD
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1055000 USD
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503000 USD
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0 USD
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6000 USD
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1037000 USD
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444000 USD
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13794000 USD
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667000 USD
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2110000 USD
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CY2017Q3 us-gaap Payments To Acquire Available For Sale Securities Debt
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191744000 USD
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0 USD
CY2017Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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710000 USD
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11787000 USD
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11876000 USD
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4619000 USD
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15756000 USD
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22330000 USD
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47088000 USD
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CY2018Q2 us-gaap Prepaid Taxes
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23452000 USD
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3295000 USD
CY2017Q3 us-gaap Proceeds From Lines Of Credit
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5571000 USD
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10892000 USD
CY2017Q3 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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268665000 USD
CY2018Q3 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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254757000 USD
CY2017Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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14320000 USD
CY2018Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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7612000 USD
CY2017Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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50095000 USD
CY2018Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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91238000 USD
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
42258000 USD
CY2018Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
347000 USD
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
984674000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
994845000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
286306000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
291232000 USD
CY2018Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
476600000 USD
CY2017Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
704000 USD
CY2018Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
603000 USD
CY2017Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
156250000 USD
CY2018Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
146687000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
153530000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1056445000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1027370000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
969581000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1093260000 USD
CY2017Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2000 USD
CY2018Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2000 USD
CY2018Q3 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
The Company’s payment terms and conditions vary by contract type, although terms generally include a requirement of payment of 70% to 90% of total contract consideration within 30 to 60 days of shipment, with the remainder payable within 30 days of acceptance
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1410000000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
107432000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
114438000 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
14031000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
16138000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
0.85
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.10
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.15
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3680000 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3052000 shares
CY2018Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
10000000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
1620511000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1567369000 USD
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
23287000 USD
CY2018Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
69822000 USD
CY2017Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
40775000 USD
CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
307786000 USD
CY2018Q2 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
2237402000 USD
CY2018Q3 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
2237890000 USD
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1020000 shares
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
862000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
157846000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156083000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156826000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
155221000 shares
CY2018Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in applying the Company&#8217;s accounting policies that affect the reported amounts of assets and liabilities (and related disclosure of contingent assets and liabilities) at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div>

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