2016 Q1 Form 10-Q Financial Statement

#000149269116000066 Filed on May 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $967.8M $1.090B $1.015B
YoY Change -4.66% -4.36% 0.66%
Cost Of Revenue $432.5M $486.9M $489.9M
YoY Change -11.72% -12.35% -11.89%
Gross Profit $535.3M $602.9M $525.2M
YoY Change 1.92% 3.24% 16.09%
Gross Profit Margin 55.31% 55.32% 51.74%
Selling, General & Admin $399.5M $398.4M $375.4M
YoY Change 6.42% 5.26% 13.52%
% of Gross Profit 74.63% 66.08% 71.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.16M $71.70M $61.13M
YoY Change 16.4% 19.5% 1.25%
% of Gross Profit 13.29% 11.89% 11.64%
Operating Expenses $915.3M $489.7M $940.1M
YoY Change -2.64% 7.37% -2.3%
Operating Profit $23.47M $121.7M $75.00M
YoY Change -68.71% -8.12% 62.44%
Interest Expense $8.594M -$8.000M $10.39M
YoY Change -17.27% -49.37% -55.27%
% of Operating Profit 36.62% -6.57% 13.85%
Other Income/Expense, Net -$7.067M $1.300M -$13.47M
YoY Change -47.53% -23.53% -757.35%
Pretax Income $45.42M $114.9M $61.53M
YoY Change -26.19% 25.99% 207.52%
Income Tax $13.51M $42.40M $23.69M
% Of Pretax Income 29.75% 36.9% 38.5%
Net Earnings $23.02M $72.50M $37.84M
YoY Change -39.17% 23.95% 207.52%
Net Earnings / Revenue 2.38% 6.65% 3.73%
Basic Earnings Per Share $0.29 $0.52 $0.27
Diluted Earnings Per Share $0.28 $0.51 $0.26
COMMON SHARES
Basic Shares Outstanding 136.5M shares 142.2M shares
Diluted Shares Outstanding 137.7M shares 144.0M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.7M $107.6M $68.70M
YoY Change 107.71% 2.38% 49.02%
Cash & Equivalents $142.7M $8.691M $68.74M
Short-Term Investments
Other Short-Term Assets $138.2M $135.6M $167.6M
YoY Change -17.54% 9.0% 4.18%
Inventory $18.50M $18.40M $18.10M
Prepaid Expenses
Receivables $408.8M $422.4M $452.8M
Other Receivables $13.00M $21.50M $13.00M
Total Short-Term Assets $727.9M $705.6M $720.8M
YoY Change 0.99% -6.61% -1.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.583B $1.651B $1.569B
YoY Change 0.87% 7.07% 6.84%
Goodwill $253.3M $253.3M $253.3M
YoY Change 0.0% 0.0% 0.0%
Intangibles $278.9M $283.1M $295.7M
YoY Change -5.69% -5.61% -5.38%
Long-Term Investments
YoY Change
Other Assets $24.57M $26.59M $37.96M
YoY Change -35.26% -36.48% -25.47%
Total Long-Term Assets $2.140B $2.214B $2.156B
YoY Change -0.77% 3.6% 3.39%
TOTAL ASSETS
Total Short-Term Assets $727.9M $705.6M $720.8M
Total Long-Term Assets $2.140B $2.214B $2.156B
Total Assets $2.868B $2.920B $2.877B
YoY Change -0.33% 0.93% 2.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $118.6M $121.8M $162.2M
YoY Change -26.89% -23.95% -6.98%
Accrued Expenses $111.5M $97.31M $110.9M
YoY Change 0.46% -1.42% -6.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.54M $35.51M $32.58M
YoY Change -52.29% 12.94% 61.01%
Total Short-Term Liabilities $374.8M $398.9M $429.3M
YoY Change -12.71% -5.17% -6.66%
LONG-TERM LIABILITIES
Long-Term Debt $631.6M $643.7M $867.0M
YoY Change -27.15% -26.15% -20.78%
Other Long-Term Liabilities $1.239M $959.0K $32.00K
YoY Change 3771.88% 6750.0% -98.8%
Total Long-Term Liabilities $632.9M $644.6M $867.1M
YoY Change -27.01% -26.04% -20.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $374.8M $398.9M $429.3M
Total Long-Term Liabilities $632.9M $644.6M $867.1M
Total Liabilities $2.261B $2.303B $2.362B
YoY Change -4.31% -4.95% -6.17%
SHAREHOLDERS EQUITY
Retained Earnings -$119.7M -$139.0M -$272.2M
YoY Change -56.04% -55.15% -40.68%
Common Stock $725.0M $754.6M $786.5M
YoY Change -7.81% -3.4% 2.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $606.8M $617.0M $514.5M
YoY Change
Total Liabilities & Shareholders Equity $2.868B $2.920B $2.877B
YoY Change -0.33% 0.93% 2.02%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $23.02M $72.50M $37.84M
YoY Change -39.17% 23.95% 207.52%
Depreciation, Depletion And Amortization $71.16M $71.70M $61.13M
YoY Change 16.4% 19.5% 1.25%
Cash From Operating Activities $132.1M $212.3M $128.2M
YoY Change 3.09% 106.12% 68.28%
INVESTING ACTIVITIES
Capital Expenditures -$34.50M -$81.70M -$62.00M
YoY Change -44.35% -13.91% 3.16%
Acquisitions
YoY Change
Other Investing Activities $31.90M $44.20M $5.400M
YoY Change 490.74% 55.09% -84.53%
Cash From Investing Activities -$2.550M -$37.60M -$56.61M
YoY Change -95.5% -43.37% 124.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $45.00M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$94.43M -120.8M -$107.9M
YoY Change -12.51% 6611.11% 68.57%
NET CHANGE
Cash From Operating Activities $132.1M 212.3M $128.2M
Cash From Investing Activities -$2.550M -37.60M -$56.61M
Cash From Financing Activities -$94.43M -120.8M -$107.9M
Net Change In Cash $35.13M 53.90M -$36.40M
YoY Change -196.53% 54.89% 178.26%
FREE CASH FLOW
Cash From Operating Activities $132.1M $212.3M $128.2M
Capital Expenditures -$34.50M -$81.70M -$62.00M
Free Cash Flow $166.6M $294.0M $190.2M
YoY Change -12.38% 48.56% 39.56%

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CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2016Q1 us-gaap Operating Insurance And Claims Costs Production
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CY2016Q1 us-gaap Other Asset Impairment Charges
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CY2016Q1 us-gaap Other Assets Noncurrent
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CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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45000000 USD
CY2015Q1 us-gaap Payments To Acquire Productive Assets
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CY2016Q1 us-gaap Preferred Stock Shares Authorized
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:9pt;">The following table presents accounting pronouncements recently issued by FASB, but not yet adopted by the Company.</font><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;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:27%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:39%;" 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><td style="width:12%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">Date Issued</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">Reference</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">Description</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">Expected Adoption Date and Method</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">Financial Statement Impact</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cfd4d8;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">April 2016</font></div></td><td style="vertical-align:bottom;background-color:#cfd4d8;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:top;background-color:#cfd4d8;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">2016-10: </font><font style="font-family:Arial;font-size:9pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:Arial;font-size:9pt;">&#160;(Topic 606) &#8211; </font><font style="font-family:Arial;font-size:9pt;font-style:italic;">Identifying Performance Obligations and Licensing</font></div></td><td style="vertical-align:bottom;background-color:#cfd4d8;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:top;background-color:#cfd4d8;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">The amendments in this ASU clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. 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