2017 Q4 Form 10-Q Financial Statement

#000020205818000007 Filed on January 31, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $1.535B $1.449B
YoY Change 5.94% -19.99%
Cost Of Revenue $1.022B $920.0M
YoY Change 11.09% -24.59%
Gross Profit $513.0M $529.0M
YoY Change -3.02% -10.49%
Gross Profit Margin 33.42% 36.51%
Selling, General & Admin $291.0M $252.0M
YoY Change 15.48% -18.18%
% of Gross Profit 56.73% 47.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.00M $81.00M
YoY Change -19.75% -13.83%
% of Gross Profit 12.67% 15.31%
Operating Expenses $291.0M $252.0M
YoY Change 15.48% -23.4%
Operating Profit $272.0M $277.0M
YoY Change -1.81% 5.73%
Interest Expense $42.00M $44.00M
YoY Change -4.55% -8.33%
% of Operating Profit 15.44% 15.88%
Other Income/Expense, Net $44.00M $1.000M
YoY Change 4300.0% 0.0%
Pretax Income $225.0M $235.0M
YoY Change -4.26% 8.8%
Income Tax $94.00M $72.00M
% Of Pretax Income 41.78% 30.64%
Net Earnings $131.0M $177.0M
YoY Change -25.99% 19.59%
Net Earnings / Revenue 8.53% 12.22%
Basic Earnings Per Share $1.10 $1.42
Diluted Earnings Per Share $1.08 $1.40
COMMON SHARES
Basic Shares Outstanding 118.5M shares 123.7M shares
Diluted Shares Outstanding 120.9M shares 125.4M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $422.0M $361.0M
YoY Change 16.9% 12.81%
Cash & Equivalents $422.0M $361.0M
Short-Term Investments
Other Short-Term Assets $102.0M $133.0M
YoY Change -23.31% 0.76%
Inventory $942.0M $1.001B
Prepaid Expenses
Receivables $642.0M $762.0M
Other Receivables $24.00M $11.00M
Total Short-Term Assets $2.132B $2.612B
YoY Change -18.38% -14.44%
LONG-TERM ASSETS
Property, Plant & Equipment $878.0M $908.0M
YoY Change -3.3% -21.04%
Goodwill $5.374B $5.848B
YoY Change -8.11% -7.48%
Intangibles $1.048B $1.437B
YoY Change -27.07% -16.89%
Long-Term Investments
YoY Change
Other Assets $215.0M $263.0M
YoY Change -18.25% -15.43%
Total Long-Term Assets $7.724B $9.006B
YoY Change -14.23% -5.31%
TOTAL ASSETS
Total Short-Term Assets $2.132B $2.612B
Total Long-Term Assets $7.724B $9.006B
Total Assets $9.856B $11.62B
YoY Change -15.17% -7.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $462.0M $540.0M
YoY Change -14.44% 18.68%
Accrued Expenses $423.0M $470.0M
YoY Change -10.0% -35.79%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M $183.0M
YoY Change -97.27% 266.0%
Long-Term Debt Due $523.0M $130.0M
YoY Change 302.31% 0.0%
Total Short-Term Liabilities $1.741B $1.665B
YoY Change 4.56% -11.01%
LONG-TERM LIABILITIES
Long-Term Debt $3.391B $4.087B
YoY Change -17.03% -16.61%
Other Long-Term Liabilities $494.0M $560.0M
YoY Change -11.79% 50.54%
Total Long-Term Liabilities $5.121B $6.795B
YoY Change -24.64% -6.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.741B $1.665B
Total Long-Term Liabilities $5.121B $6.795B
Total Liabilities $6.862B $8.460B
YoY Change -18.89% -7.04%
SHAREHOLDERS EQUITY
Retained Earnings $1.424B $1.495B
YoY Change -4.75% 11.4%
Common Stock $1.824B $2.185B
YoY Change -16.52% 0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.959B $3.157B
YoY Change
Total Liabilities & Shareholders Equity $9.856B $11.62B
YoY Change -15.17% -7.53%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $131.0M $177.0M
YoY Change -25.99% 19.59%
Depreciation, Depletion And Amortization $65.00M $81.00M
YoY Change -19.75% -13.83%
Cash From Operating Activities $278.0M $252.0M
YoY Change 10.32% 293.75%
INVESTING ACTIVITIES
Capital Expenditures -$20.00M -$28.00M
YoY Change -28.57% -216.67%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$22.00M -$28.00M
YoY Change -21.43% 16.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -220.0M -140.0M
YoY Change 57.14% -27.08%
NET CHANGE
Cash From Operating Activities 278.0M 252.0M
Cash From Investing Activities -22.00M -28.00M
Cash From Financing Activities -220.0M -140.0M
Net Change In Cash 36.00M 84.00M
YoY Change -57.14% -155.26%
FREE CASH FLOW
Cash From Operating Activities $278.0M $252.0M
Capital Expenditures -$20.00M -$28.00M
Free Cash Flow $298.0M $280.0M
YoY Change 6.43% 600.0%

Facts In Submission

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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-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior-year amounts have been reclassified in our Condensed Consolidated Financial Statements (Unaudited) to conform with current-year classifications. Reclassifications include certain human resources and information technology (&#8220;IT&#8221;) costs from the &#8220;Cost of product sales and services&#8221; line item to the &#8220;Engineering, selling and administrative expenses&#8221; line item in our Condensed Consolidated Statement of Income (Unaudited) and in these Notes.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes. Materially different results can occur as circumstances change and additional information becomes known.</font></div></div>

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