2015 Q4 Form 10-Q Financial Statement

#000162828016010687 Filed on February 03, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $1.426B $1.232B
YoY Change 15.69% 10.41%
Cost Of Revenue $799.0M $695.6M
YoY Change 14.87% 10.71%
Gross Profit $626.5M $536.7M
YoY Change 16.74% 10.02%
Gross Profit Margin 43.95% 43.55%
Selling, General & Admin $166.9M $151.1M
YoY Change 10.44% 1.55%
% of Gross Profit 26.64% 28.16%
Research & Development $220.8M $196.8M
YoY Change 12.19% 12.78%
% of Gross Profit 35.24% 36.67%
Depreciation & Amortization $71.80M $69.50M
YoY Change 3.31% -5.57%
% of Gross Profit 11.46% 12.95%
Operating Expenses $387.7M $347.9M
YoY Change 11.43% 7.61%
Operating Profit $238.8M $188.7M
YoY Change 26.54% 14.75%
Interest Expense $38.58M $15.80M
YoY Change 144.2% 3.27%
% of Operating Profit 16.15% 8.37%
Other Income/Expense, Net -$29.94M -$9.799M
YoY Change 205.49% 155.38%
Pretax Income $208.9M $178.9M
YoY Change 16.74% 11.4%
Income Tax -$14.08M $2.002M
% Of Pretax Income -6.74% 1.12%
Net Earnings $223.0M $176.9M
YoY Change 26.02% 18.76%
Net Earnings / Revenue 15.64% 14.36%
Basic Earnings Per Share $1.41 $1.11
Diluted Earnings Per Share $1.28 $1.00
COMMON SHARES
Basic Shares Outstanding 158.4M shares 159.2M shares
Diluted Shares Outstanding 174.2M shares 177.0M shares

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.687B $2.884B
YoY Change 131.87% 14.35%
Cash & Equivalents $1.968B $981.3M
Short-Term Investments $4.719B $1.902B
Other Short-Term Assets $225.0M $174.0M
YoY Change 29.31% 11.54%
Inventory $879.8M $913.4M
Prepaid Expenses
Receivables $1.090B $944.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.670B $4.915B
YoY Change 35.72% 15.67%
LONG-TERM ASSETS
Property, Plant & Equipment $643.7M $585.4M
YoY Change 9.97% 7.17%
Goodwill $1.387B $1.467B
YoY Change -5.44% 0.66%
Intangibles $652.1M $815.1M
YoY Change -19.99% -18.15%
Long-Term Investments
YoY Change
Other Assets $189.7M $173.0M
YoY Change 9.62% 22.63%
Total Long-Term Assets $3.080B $3.196B
YoY Change -3.62% -3.35%
TOTAL ASSETS
Total Short-Term Assets $6.670B $4.915B
Total Long-Term Assets $3.080B $3.196B
Total Assets $9.750B $8.111B
YoY Change 20.22% 7.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $231.0M $296.4M
YoY Change -22.08% 17.36%
Accrued Expenses $757.3M $637.5M
YoY Change 18.78% 20.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $974.0M $520.0M
YoY Change 87.31% 1.01%
Total Short-Term Liabilities $2.223B $1.709B
YoY Change 30.1% 12.22%
LONG-TERM LIABILITIES
Long-Term Debt $1.582B $1.012B
YoY Change 56.32% 27.79%
Other Long-Term Liabilities $135.3M $183.7M
YoY Change -26.34% 41.61%
Total Long-Term Liabilities $135.3M $183.7M
YoY Change -26.34% -80.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.223B $1.709B
Total Long-Term Liabilities $135.3M $183.7M
Total Liabilities $4.020B $2.929B
YoY Change 37.28% 8.29%
SHAREHOLDERS EQUITY
Retained Earnings $4.514B $3.836B
YoY Change 17.67% 19.6%
Common Stock $5.516B $159.0K
YoY Change 3469263.52% -1.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.409B $4.119B
YoY Change 7.04% 11.95%
Treasury Stock Shares 101.2M shares 97.55M shares
Shareholders Equity $5.552B $5.000B
YoY Change
Total Liabilities & Shareholders Equity $9.750B $8.111B
YoY Change 20.22% 7.34%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $223.0M $176.9M
YoY Change 26.02% 18.76%
Depreciation, Depletion And Amortization $71.80M $69.50M
YoY Change 3.31% -5.57%
Cash From Operating Activities $294.5M $161.2M
YoY Change 82.69% 24.96%
INVESTING ACTIVITIES
Capital Expenditures -$28.10M -$61.30M
YoY Change -54.16% 60.05%
Acquisitions
YoY Change
Other Investing Activities $42.50M -$317.5M
YoY Change -113.39% 320.53%
Cash From Investing Activities $14.40M -$378.9M
YoY Change -103.8% 232.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -85.80M -90.80M
YoY Change -5.51% 125.31%
NET CHANGE
Cash From Operating Activities 294.5M 161.2M
Cash From Investing Activities 14.40M -378.9M
Cash From Financing Activities -85.80M -90.80M
Net Change In Cash 223.1M -308.5M
YoY Change -172.32% 1129.08%
FREE CASH FLOW
Cash From Operating Activities $294.5M $161.2M
Capital Expenditures -$28.10M -$61.30M
Free Cash Flow $322.6M $222.5M
YoY Change 44.99% 32.99%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
196768000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
385702000 USD
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
220754000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
454963000 USD
CY2015Q2 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
170969000 USD
CY2015Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
207568000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4096855000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4513561000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1232241000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2384609000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1425534000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
3025577000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
151148000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
299455000 USD
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
166922000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
319648000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
62672000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
68344000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
46193 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
65.08
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
835832 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
765541 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
37.44
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
38.86
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22.03
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
183381 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
392005 shares
CY2014Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
69385000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
70452000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
79031000 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
CY2014Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
23988000 USD
CY2015Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
4302847000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
101159000 shares
CY2015Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1205000 shares
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
48056000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
27691000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
55154000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
3867000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
4466000 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
CY2014Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
28700000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
53236000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
26173000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
59486000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
70291 shares
CY2014Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
850000000 USD
CY2015Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
316587000 USD
CY2015Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
229094000 USD
CY2015Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
229094000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
5103144000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
5552291000 USD
CY2015Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
39275000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
68072000 USD
CY2015Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
241808000 USD
CY2015Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
177662000 USD
CY2015Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
72.61
CY2015Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.00
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
99562000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4408777000 USD
CY2015Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
87493000 USD
CY2015Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 USD
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
177046000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
177082000 shares
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
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159248000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
160467000 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
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;26, 2016</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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