2018 Q1 Form 10-Q Financial Statement

#000009484518000021 Filed on April 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $1.344B $1.102B
YoY Change 21.93% 4.31%
Cost Of Revenue $605.6M $537.4M
YoY Change 12.68% 8.16%
Gross Profit $738.1M $564.6M
YoY Change 30.74% 0.89%
Gross Profit Margin 54.93% 51.23%
Selling, General & Admin $563.2M $456.2M
YoY Change 23.45% 3.41%
% of Gross Profit 76.3% 80.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.82M $27.39M
YoY Change 19.85% 9.06%
% of Gross Profit 4.45% 4.85%
Operating Expenses $563.2M $456.2M
YoY Change 23.45% 3.41%
Operating Profit $174.9M $108.3M
YoY Change 61.46% -7.07%
Interest Expense $15.50M $19.93M
YoY Change -22.26% 33.77%
% of Operating Profit 8.86% 18.4%
Other Income/Expense, Net -$10.40M $408.0K
YoY Change -2649.02% -118.39%
Pretax Income $149.0M $88.81M
YoY Change 67.79% -10.71%
Income Tax $167.7M $28.69M
% Of Pretax Income 112.5% 32.31%
Net Earnings -$19.01M $60.14M
YoY Change -131.61% -8.65%
Net Earnings / Revenue -1.41% 5.46%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.05 $153.7K
COMMON SHARES
Basic Shares Outstanding 376.2M shares 37.47M shares
Diluted Shares Outstanding 376.2M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $590.2M $368.6M
YoY Change 60.12% 35.96%
Cash & Equivalents $590.2M $368.6M
Short-Term Investments
Other Short-Term Assets $137.9M $116.6M
YoY Change 18.27% 6.58%
Inventory $826.4M $767.2M
Prepaid Expenses
Receivables $428.5M $406.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.983B $1.659B
YoY Change 19.52% 9.92%
LONG-TERM ASSETS
Property, Plant & Equipment $415.0M $380.4M
YoY Change 9.09% -1.52%
Goodwill $238.7M $234.5M
YoY Change 1.8% -0.43%
Intangibles $42.89M $42.93M
YoY Change -0.1% -0.56%
Long-Term Investments
YoY Change
Other Assets $125.2M $108.6M
YoY Change 15.28% 15.67%
Total Long-Term Assets $1.235B $1.271B
YoY Change -2.82% -4.34%
TOTAL ASSETS
Total Short-Term Assets $1.983B $1.659B
Total Long-Term Assets $1.235B $1.271B
Total Assets $3.218B $2.930B
YoY Change 9.83% 3.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $305.2M $256.7M
YoY Change 18.88% -3.86%
Accrued Expenses $536.6M $425.4M
YoY Change 26.14% -5.63%
Deferred Revenue
YoY Change
Short-Term Debt $24.85M $34.15M
YoY Change -27.23% -16.26%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $909.8M $731.8M
YoY Change 24.33% -11.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.062B $1.007B
YoY Change 5.54% 0.14%
Other Long-Term Liabilities $75.80M $58.72M
YoY Change 29.07% 2.77%
Total Long-Term Liabilities $1.138B $1.065B
YoY Change 6.83% 0.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $909.8M $731.8M
Total Long-Term Liabilities $1.138B $1.065B
Total Liabilities $2.502B $2.337B
YoY Change 7.04% -4.22%
SHAREHOLDERS EQUITY
Retained Earnings $949.3M $921.9M
YoY Change 2.97% 30.59%
Common Stock $377.0K $375.0K
YoY Change 0.53% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $550.5M $504.8M
YoY Change
Total Liabilities & Shareholders Equity $3.218B $2.930B
YoY Change 9.83% 3.24%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$19.01M $60.14M
YoY Change -131.61% -8.65%
Depreciation, Depletion And Amortization $32.82M $27.39M
YoY Change 19.85% 9.06%
Cash From Operating Activities $66.17M $49.05M
YoY Change 34.91% 6.45%
INVESTING ACTIVITIES
Capital Expenditures $31.00M $25.07M
YoY Change 23.62% -18.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.100M
YoY Change -100.0% -30.0%
Cash From Investing Activities -$41.30M -$16.00M
YoY Change 158.17% -9.92%
FINANCING ACTIVITIES
Cash Dividend Paid $90.00M $35.00M
YoY Change 157.14%
Common Stock Issuance & Retirement, Net $14.84M $193.0K
YoY Change 7591.19%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$74.20M -$42.50M
YoY Change 74.58% -42.23%
NET CHANGE
Cash From Operating Activities $66.17M $49.05M
Cash From Investing Activities -$41.30M -$16.00M
Cash From Financing Activities -$74.20M -$42.50M
Net Change In Cash -$43.73M -$9.450M
YoY Change 362.77% -79.12%
FREE CASH FLOW
Cash From Operating Activities $66.17M $49.05M
Capital Expenditures $31.00M $25.07M
Free Cash Flow $35.17M $23.98M
YoY Change 46.71% 56.16%

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CY2017Q4 us-gaap Interest Payable Current
InterestPayableCurrent
6327000 USD
CY2018Q1 us-gaap Interest Payable Current
InterestPayableCurrent
17076000 USD
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
752530000 USD
CY2018Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
819430000 USD
CY2017Q4 us-gaap Inventory Net
InventoryNet
759396000 USD
CY2018Q1 us-gaap Inventory Net
InventoryNet
826443000 USD
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3858000 USD
CY2018Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
3437000 USD
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3008000 USD
CY2018Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
3576000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
2528415000 USD
CY2018Q1 us-gaap Liabilities
Liabilities
2501673000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3357838000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3218309000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
879070000 USD
CY2018Q1 us-gaap Liabilities Current
LiabilitiesCurrent
909816000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
1038860000 USD
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
1062355000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1038860000 USD
CY2018Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1062355000 USD
CY2017Q4 us-gaap Minority Interest
MinorityInterest
5478000 USD
CY2018Q1 us-gaap Minority Interest
MinorityInterest
6122000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-42502000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-73855000 USD
CY2017Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
1554000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15997000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-41299000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
49049000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
66170000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
60143000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-19012000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-22000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
383000 USD
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
108340000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
174099000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
300730000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
336607000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
118005000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
125188000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
12375000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
583000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-22848000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
7684000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
19781000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-3691000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-3360000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2811000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-4846000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
290000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
78733000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
75796000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
408000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9577000 USD
CY2018Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
1624000 USD
CY2017Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
89248000 USD
CY2018Q1 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
86551000 USD
CY2017Q1 us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
-9076000 USD
CY2018Q1 us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
10303000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
193000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14844000 USD
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
35000000 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
45000000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25073000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30996000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
118724000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
137922000 USD
CY2017Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
9911000 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
17511000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1158000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-41000 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-8288000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-14537000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
60121000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-18629000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
424463000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
414952000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
7774000 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
16944000 USD
CY2017Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
786000 USD
CY2018Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
757000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1100916000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
949315000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1101991000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1343685000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
456213000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
564025000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2350000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5256000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
38451000 USD
CY2018Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
24850000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
696910000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
550478000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
702388000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
556600000 USD
CY2017Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
127035000 USD
CY2018Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
160036000 USD
CY2018Q1 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year ends on the last Sunday of November in each year, although the fiscal years of certain foreign subsidiaries end on November&#160;30. Each quarter of both fiscal years </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;"> consists of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">13</font><font style="font-family:inherit;font-size:10pt;">&#160;weeks. All references to years relate to fiscal years rather than calendar years.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company&#8217;s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods.</font></div></div>

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