$LHX
L3HARRIS TECHNOLOGIES, INC. /DE/

2018 Q4 Form 10-Q Financial Statement

#000020205819000023 Filed on January 30, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $1.666B $1.535B
YoY Change 8.53% 5.94%
Cost Of Revenue $1.095B $1.022B
YoY Change 7.14% 11.09%
Gross Profit $571.0M $513.0M
YoY Change 11.31% -3.02%
Gross Profit Margin 34.27% 33.42%
Selling, General & Admin $304.0M $291.0M
YoY Change 4.47% 15.48%
% of Gross Profit 53.24% 56.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.00M $65.00M
YoY Change -1.54% -19.75%
% of Gross Profit 11.21% 12.67%
Operating Expenses $304.0M $291.0M
YoY Change 4.47% 15.48%
Operating Profit $267.0M $272.0M
YoY Change -1.84% -1.81%
Interest Expense $43.00M $42.00M
YoY Change 2.38% -4.55%
% of Operating Profit 16.1% 15.44%
Other Income/Expense, Net $47.00M $44.00M
YoY Change 6.82% 4300.0%
Pretax Income $271.0M $225.0M
YoY Change 20.44% -4.26%
Income Tax $46.00M $94.00M
% Of Pretax Income 16.97% 41.78%
Net Earnings $225.0M $131.0M
YoY Change 71.76% -25.99%
Net Earnings / Revenue 13.51% 8.53%
Basic Earnings Per Share $1.91 $1.10
Diluted Earnings Per Share $1.87 $1.08
COMMON SHARES
Basic Shares Outstanding 117.7M shares 118.5M shares
Diluted Shares Outstanding 120.0M shares 120.9M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.0M $422.0M
YoY Change -18.72% 16.9%
Cash & Equivalents $343.0M $422.0M
Short-Term Investments
Other Short-Term Assets $118.0M $102.0M
YoY Change 15.69% -23.31%
Inventory $425.0M $942.0M
Prepaid Expenses
Receivables $1.323B $642.0M
Other Receivables $102.0M $24.00M
Total Short-Term Assets $2.311B $2.132B
YoY Change 8.4% -18.38%
LONG-TERM ASSETS
Property, Plant & Equipment $901.0M $878.0M
YoY Change 2.62% -3.3%
Goodwill $5.370B $5.374B
YoY Change -0.07% -8.11%
Intangibles $930.0M $1.048B
YoY Change -11.26% -27.07%
Long-Term Investments
YoY Change
Other Assets $241.0M $215.0M
YoY Change 12.09% -18.25%
Total Long-Term Assets $7.541B $7.724B
YoY Change -2.37% -14.23%
TOTAL ASSETS
Total Short-Term Assets $2.311B $2.132B
Total Long-Term Assets $7.541B $7.724B
Total Assets $9.852B $9.856B
YoY Change -0.04% -15.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $521.0M $462.0M
YoY Change 12.77% -14.44%
Accrued Expenses $403.0M $423.0M
YoY Change -4.73% -10.0%
Deferred Revenue $479.0M
YoY Change
Short-Term Debt $103.0M $5.000M
YoY Change 1960.0% -97.27%
Long-Term Debt Due $305.0M $523.0M
YoY Change -41.68% 302.31%
Total Short-Term Liabilities $1.822B $1.741B
YoY Change 4.65% 4.56%
LONG-TERM LIABILITIES
Long-Term Debt $3.411B $3.391B
YoY Change 0.59% -17.03%
Other Long-Term Liabilities $512.0M $494.0M
YoY Change 3.64% -11.79%
Total Long-Term Liabilities $4.618B $5.121B
YoY Change -9.82% -24.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.822B $1.741B
Total Long-Term Liabilities $4.618B $5.121B
Total Liabilities $6.440B $6.862B
YoY Change -6.15% -18.89%
SHAREHOLDERS EQUITY
Retained Earnings $1.824B $1.424B
YoY Change 28.09% -4.75%
Common Stock $1.799B $1.824B
YoY Change -1.37% -16.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.412B $2.959B
YoY Change
Total Liabilities & Shareholders Equity $9.852B $9.856B
YoY Change -0.04% -15.17%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $225.0M $131.0M
YoY Change 71.76% -25.99%
Depreciation, Depletion And Amortization $64.00M $65.00M
YoY Change -1.54% -19.75%
Cash From Operating Activities $352.0M $278.0M
YoY Change 26.62% 10.32%
INVESTING ACTIVITIES
Capital Expenditures -$36.00M -$20.00M
YoY Change 80.0% -28.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.000M
YoY Change -100.0%
Cash From Investing Activities -$36.00M -$22.00M
YoY Change 63.64% -21.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -273.0M -220.0M
YoY Change 24.09% 57.14%
NET CHANGE
Cash From Operating Activities 352.0M 278.0M
Cash From Investing Activities -36.00M -22.00M
Cash From Financing Activities -273.0M -220.0M
Net Change In Cash 43.00M 36.00M
YoY Change 19.44% -57.14%
FREE CASH FLOW
Cash From Operating Activities $352.0M $278.0M
Capital Expenditures -$36.00M -$20.00M
Free Cash Flow $388.0M $298.0M
YoY Change 30.2% 6.43%

Facts In Submission

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CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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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-weight:bold;">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;">The classification of certain prior-period amounts has been adjusted in our Condensed Consolidated Financial Statements (Unaudited) to conform with current-period classifications. Reclassifications include certain direct selling and bid and proposal 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</font><font style="font-family:inherit;font-size:10pt;"> 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-weight:bold;">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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