2016 Q4 Form 10-Q Financial Statement

#000070754917000010 Filed on January 30, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $1.882B $1.426B
YoY Change 32.04% 15.69%
Cost Of Revenue $1.036B $799.0M
YoY Change 29.6% 14.87%
Gross Profit $846.8M $626.5M
YoY Change 35.16% 16.74%
Gross Profit Margin 44.99% 43.95%
Selling, General & Admin $160.2M $166.9M
YoY Change -4.05% 10.44%
% of Gross Profit 18.91% 26.64%
Research & Development $246.8M $220.8M
YoY Change 11.8% 12.19%
% of Gross Profit 29.15% 35.24%
Depreciation & Amortization $77.00M $71.80M
YoY Change 7.24% 3.31%
% of Gross Profit 9.09% 11.46%
Operating Expenses $407.0M $387.7M
YoY Change 4.98% 11.43%
Operating Profit $439.8M $238.8M
YoY Change 84.16% 26.54%
Interest Expense $26.64M $38.58M
YoY Change -30.94% 144.2%
% of Operating Profit 6.06% 16.15%
Other Income/Expense, Net -$55.02M -$29.94M
YoY Change 83.81% 205.49%
Pretax Income $384.8M $208.9M
YoY Change 84.21% 16.74%
Income Tax $52.01M -$14.08M
% Of Pretax Income 13.52% -6.74%
Net Earnings $332.8M $223.0M
YoY Change 49.25% 26.02%
Net Earnings / Revenue 17.68% 15.64%
Basic Earnings Per Share $2.05 $1.41
Diluted Earnings Per Share $1.81 $1.28
COMMON SHARES
Basic Shares Outstanding 162.7M shares 158.4M shares
Diluted Shares Outstanding 183.5M shares 174.2M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.833B $6.687B
YoY Change -12.77% 131.87%
Cash & Equivalents $2.504B $1.968B
Short-Term Investments $3.329B $4.719B
Other Short-Term Assets $225.0M $225.0M
YoY Change 0.0% 29.31%
Inventory $1.019B $879.8M
Prepaid Expenses
Receivables $1.426B $1.090B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.504B $6.670B
YoY Change 27.49% 35.72%
LONG-TERM ASSETS
Property, Plant & Equipment $672.6M $643.7M
YoY Change 4.47% 9.97%
Goodwill $1.386B $1.387B
YoY Change -0.1% -5.44%
Intangibles $487.9M $652.1M
YoY Change -25.18% -19.99%
Long-Term Investments
YoY Change
Other Assets $215.9M $189.7M
YoY Change 13.8% 9.62%
Total Long-Term Assets $3.017B $3.080B
YoY Change -2.05% -3.62%
TOTAL ASSETS
Total Short-Term Assets $8.504B $6.670B
Total Long-Term Assets $3.017B $3.080B
Total Assets $11.52B $9.750B
YoY Change 18.16% 20.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $445.1M $231.0M
YoY Change 92.71% -22.08%
Accrued Expenses $847.2M $757.3M
YoY Change 11.87% 18.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $951.1M $974.0M
YoY Change -2.36% 87.31%
Total Short-Term Liabilities $2.658B $2.223B
YoY Change 19.57% 30.1%
LONG-TERM LIABILITIES
Long-Term Debt $1.769B $1.582B
YoY Change 11.79% 56.32%
Other Long-Term Liabilities $262.4M $135.3M
YoY Change 93.9% -26.34%
Total Long-Term Liabilities $2.031B $135.3M
YoY Change 1401.0% -26.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.658B $2.223B
Total Long-Term Liabilities $2.031B $135.3M
Total Liabilities $4.928B $4.020B
YoY Change 22.57% 37.28%
SHAREHOLDERS EQUITY
Retained Earnings $5.295B $4.514B
YoY Change 17.31% 17.67%
Common Stock $5.668B $5.516B
YoY Change 2.76% 3469263.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.498B $4.409B
YoY Change 2.02% 7.04%
Treasury Stock Shares 101.5M shares 101.2M shares
Shareholders Equity $6.396B $5.552B
YoY Change
Total Liabilities & Shareholders Equity $11.52B $9.750B
YoY Change 18.16% 20.22%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $332.8M $223.0M
YoY Change 49.25% 26.02%
Depreciation, Depletion And Amortization $77.00M $71.80M
YoY Change 7.24% 3.31%
Cash From Operating Activities $404.1M $294.5M
YoY Change 37.22% 82.69%
INVESTING ACTIVITIES
Capital Expenditures -$36.50M -$28.10M
YoY Change 29.89% -54.16%
Acquisitions
YoY Change
Other Investing Activities -$1.991B $42.50M
YoY Change -4784.0% -113.39%
Cash From Investing Activities -$2.027B $14.40M
YoY Change -14178.47% -103.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.729B -85.80M
YoY Change 1915.5% -5.51%
NET CHANGE
Cash From Operating Activities 404.1M 294.5M
Cash From Investing Activities -2.027B 14.40M
Cash From Financing Activities -1.729B -85.80M
Net Change In Cash -3.353B 223.1M
YoY Change -1602.69% -172.32%
FREE CASH FLOW
Cash From Operating Activities $404.1M $294.5M
Capital Expenditures -$36.50M -$28.10M
Free Cash Flow $440.6M $322.6M
YoY Change 36.58% 44.99%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2289000 shares
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us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
19245000 USD
us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
19320000 USD
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
100321000 USD
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
119334000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
470807 shares
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
639608000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
672553000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-12641000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
28470000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1616641000 USD
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
220754000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
454963000 USD
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
246804000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
482044000 USD
CY2016Q2 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
250421000 USD
CY2016Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
255175000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4820109000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5295000000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1425534000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
3025577000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1882299000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
3514718000 USD
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
166922000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
319648000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
160165000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
325175000 USD
CY2015Q4 us-gaap Share Based Compensation
ShareBasedCompensation
32570000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
68344000 USD
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
32255000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
70850000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
112396 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
67.82
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
91818 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
94.16
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
4335104 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3843719 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
69.30
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
71.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
59.29
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13770 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
907411 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
749812 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
47.41
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.58
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
33.91
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
70.26
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2016Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
116000 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
137000 shares
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
7589000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
93209000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
98968000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
97335000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
100321000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
103226000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
119334000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
27691000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
55154000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
32747000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
64975000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-115000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-206000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
7311000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
26173000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
59486000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
41544000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
76399000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
143829 shares
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 USD
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 USD
CY2016Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
229094000 USD
CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
229094000 USD
CY2016Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
934986000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
5894517000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
6395696000 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
86723000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
56021000 USD
CY2016Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
207552000 USD
CY2016Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
197313000 USD
CY2016Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.00
CY2016Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
105.01
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
101071000 shares
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
101502000 shares
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2016Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
619000 shares
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
4429317000 USD
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4497714000 USD
CY2016Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 USD
CY2016Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
65014000 USD
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7213000 USD
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3885000 USD
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
174242000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
174308000 shares
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
183543000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181780000 shares
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
158424000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
158388000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162659000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
161633000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s reporting period is a 52/53-week fiscal year. The Company&#8217;s current fiscal year will end </font><font style="font-family:inherit;font-size:10pt;">June&#160;25, 2017</font><font style="font-family:inherit;font-size:10pt;"> and includes </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;">&#160;weeks.</font></div></div>

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