2017 Q2 Form 10-Q Financial Statement

#000070754917000056 Filed on April 24, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q2
Revenue $2.345B $2.154B $1.546B
YoY Change 51.65% 63.92% 4.38%
Cost Of Revenue $1.276B $1.183B $847.5M
YoY Change 50.55% 59.21% 0.92%
Gross Profit $1.069B $971.4M $698.8M
YoY Change 52.98% 70.04% 8.93%
Gross Profit Margin 45.59% 45.1% 45.19%
Selling, General & Admin $174.9M $167.0M $152.2M
YoY Change 14.91% 5.02% 1.87%
% of Gross Profit 16.36% 17.19% 21.78%
Research & Development $285.7M $266.0M $237.3M
YoY Change 20.4% 20.09% 7.04%
% of Gross Profit 26.73% 27.38% 33.96%
Depreciation & Amortization $79.00M $76.30M $74.90M
YoY Change 5.47% 3.53% 6.7%
% of Gross Profit 7.39% 7.85% 10.72%
Operating Expenses $460.7M $433.0M $389.4M
YoY Change 18.31% 13.79% 4.93%
Operating Profit $608.3M $538.4M $309.4M
YoY Change 96.61% 182.26% 14.42%
Interest Expense -$11.00M $24.75M -$26.70M
YoY Change -58.8% -34.96% 46.7%
% of Operating Profit -1.81% 4.6% -8.63%
Other Income/Expense, Net $6.100M -$7.838M -$700.0K
YoY Change -971.43% -73.73% -68.18%
Pretax Income $603.5M $530.6M $282.0M
YoY Change 114.01% 229.72% 65.2%
Income Tax $77.10M -$44.13M $23.10M
% Of Pretax Income 12.78% -8.32% 8.19%
Net Earnings $526.4M $574.7M $258.9M
YoY Change 103.32% 300.63% 97.18%
Net Earnings / Revenue 22.45% 26.68% 16.74%
Basic Earnings Per Share $3.52
Diluted Earnings Per Share $2.824M $3.10 $1.458M
COMMON SHARES
Basic Shares Outstanding 161.3M shares 163.4M shares 159.6M shares
Diluted Shares Outstanding 185.1M shares

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.041B $5.884B $6.828B
YoY Change -11.53% -16.46% 18.08%
Cash & Equivalents $2.378B $2.129B $5.039B
Short-Term Investments $3.664B $3.755B $1.789B
Other Short-Term Assets $195.0M $223.0M $151.0M
YoY Change 29.14% -3.46% -3.82%
Inventory $1.233B $1.133B $971.9M
Prepaid Expenses
Receivables $1.673B $1.636B $1.262B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.142B $8.876B $9.213B
YoY Change -0.77% 27.87% 46.92%
LONG-TERM ASSETS
Property, Plant & Equipment $685.6M $675.7M $639.6M
YoY Change 7.19% 1.7% 2.93%
Goodwill $1.400B $1.386B $1.386B
YoY Change 0.99% -0.07% -0.98%
Intangibles $411.0M $449.6M $564.9M
YoY Change -27.25% -26.63% -22.42%
Long-Term Investments
YoY Change
Other Assets $241.8M $232.2M $209.9M
YoY Change 15.18% 21.52% 13.01%
Total Long-Term Assets $2.980B $2.999B $3.051B
YoY Change -2.32% -2.71% -1.38%
TOTAL ASSETS
Total Short-Term Assets $9.142B $8.876B $9.213B
Total Long-Term Assets $2.980B $2.999B $3.051B
Total Assets $12.12B $11.88B $12.26B
YoY Change -1.15% 18.46% 30.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $464.6M $473.4M $348.2M
YoY Change 33.44% 26.87% 15.99%
Accrued Expenses $969.4M $850.8M $772.9M
YoY Change 25.42% 29.7% 19.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $907.8M $904.7M $940.5M
YoY Change -3.48% -7.59% -30.75%
Total Short-Term Liabilities $2.950B $2.757B $2.418B
YoY Change 22.0% 17.7% -8.11%
LONG-TERM LIABILITIES
Long-Term Debt $1.779B $1.771B $3.378B
YoY Change -47.34% 11.68% 239.85%
Other Long-Term Liabilities $280.2M $282.6M $134.6M
YoY Change 108.22% 106.26% -26.88%
Total Long-Term Liabilities $2.059B $2.054B $3.512B
YoY Change -41.38% 1398.94% 198.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.950B $2.757B $2.418B
Total Long-Term Liabilities $2.059B $2.054B $3.512B
Total Liabilities $5.135B $4.954B $6.162B
YoY Change -16.66% 19.28% 53.3%
SHAREHOLDERS EQUITY
Retained Earnings $6.250B $5.796B $4.820B
YoY Change 29.66% 25.74% 17.65%
Common Stock $5.846B $5.727B $5.573B
YoY Change 4.89% 3.02% 3.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.216B $4.701B $4.429B
YoY Change 17.77% 6.36% 2.94%
Treasury Stock Shares 105.6M shares 103.1M shares 101.1M shares
Shareholders Equity $6.817B $6.746B $5.895B
YoY Change
Total Liabilities & Shareholders Equity $12.12B $11.88B $12.26B
YoY Change -1.15% 18.46% 30.96%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q2
OPERATING ACTIVITIES
Net Income $526.4M $574.7M $258.9M
YoY Change 103.32% 300.63% 97.18%
Depreciation, Depletion And Amortization $79.00M $76.30M $74.90M
YoY Change 5.47% 3.53% 6.7%
Cash From Operating Activities $729.3M $422.7M $423.8M
YoY Change 72.09% 130.98% 45.09%
INVESTING ACTIVITIES
Capital Expenditures -$34.80M -$44.10M -$51.70M
YoY Change -32.69% -4.13% -18.2%
Acquisitions
YoY Change
Other Investing Activities $93.90M -$423.1M $573.2M
YoY Change -83.62% -332.73% -306.71%
Cash From Investing Activities $59.10M -$467.2M $521.5M
YoY Change -88.67% -444.04% -253.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -539.8M -333.8M 1.862B
YoY Change -128.99% 484.59% -2227.77%
NET CHANGE
Cash From Operating Activities 729.3M 422.7M 423.8M
Cash From Investing Activities 59.10M -467.2M 521.5M
Cash From Financing Activities -539.8M -333.8M 1.862B
Net Change In Cash 248.6M -378.3M 2.807B
YoY Change -91.14% -244.55% -2165.56%
FREE CASH FLOW
Cash From Operating Activities $729.3M $422.7M $423.8M
Capital Expenditures -$34.80M -$44.10M -$51.70M
Free Cash Flow $764.1M $466.8M $475.5M
YoY Change 60.69% 103.84% 33.83%

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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments Of Dividends
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us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
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us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
123604000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
122608000 USD
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
1037751000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
1616316000 USD
us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
35632000 USD
us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
36543000 USD
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
100321000 USD
CY2017Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
145141000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-7227000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
36949000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13950 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
90128 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
70.02
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
4335104 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3722618 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
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
88.16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
2075045 shares
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
62.42
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
907411 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
608315 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
47.41
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
65.73
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
34.22
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1685868000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
221494000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
676457000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2016Q2 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
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CY2017Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
256157000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2016Q1 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
SalesRevenueNet
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CY2017Q1 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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5668713000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
159018000 USD
us-gaap Selling General And Administrative Expense
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478666000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
167000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
492175000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
34716000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
103060000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
35323000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
106173000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
128570 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
69.24
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1591129 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
112.67
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
119.67
CY2017Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
604000 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
740000 shares
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
93209000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
97335000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
96221000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
100321000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
145141000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
119334000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
30021000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
85176000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
32352000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
97327000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-738000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-943000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
3725000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
11314000 USD
CY2016Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
29645000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
89131000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
54434000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
130833000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
375274 shares
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
CY2017Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
795226000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
5894517000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
6746254000 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
86723000 USD
CY2017Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
62294000 USD
CY2016Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
207552000 USD
CY2017Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
175108000 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
CY2017Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
114.30
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
101071000 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
103114000 shares
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2016Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
619000 shares
CY2017Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1223000 shares
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
4429317000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
4701388000 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
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
139760000 USD
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7213000 USD
CY2017Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3523000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
174373000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
174329000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
185094000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182885000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159039000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
158605000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163408000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162225000 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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