2016 Q4 Form 10-K Financial Statement

#000130051418000022 Filed on February 23, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $3.075B $2.969B $2.649B
YoY Change 7.44% 2.59% -9.31%
Cost Of Revenue $1.424B $1.447B $1.356B
YoY Change -3.31% -3.46% -13.23%
Gross Profit $1.513B $1.521B $1.295B
YoY Change 8.87% 9.1% -4.76%
Gross Profit Margin 49.19% 51.24% 48.87%
Selling, General & Admin $440.9M $330.0M $302.0M
YoY Change 7.75% 5.06% -4.31%
% of Gross Profit 29.15% 21.69% 23.33%
Research & Development $2.200M $3.000M $2.000M
YoY Change -33.33% -4.67% -14.82%
% of Gross Profit 0.15% 0.2% 0.15%
Depreciation & Amortization $327.9M $287.5M $264.2M
YoY Change 26.95% 11.65% 2.4%
% of Gross Profit 21.68% 18.9% 20.41%
Operating Expenses $770.9M $333.0M $304.0M
YoY Change 14.89% 4.96% -4.39%
Operating Profit $669.0M $720.0M $518.0M
YoY Change -4.7% -2.57% -24.82%
Interest Expense -$72.50M $65.00M $64.00M
YoY Change 13.81% -2.93% -2.74%
% of Operating Profit -10.84% 9.03% 12.36%
Other Income/Expense, Net $64.10M $21.00M -$7.000M
YoY Change -6510.0% 29.03% 4535.76%
Pretax Income $668.1M $675.0M $449.0M
YoY Change 4.85% -2.25% -28.44%
Income Tax $52.00M $69.00M $55.00M
% Of Pretax Income 7.78% 10.22% 12.25%
Net Earnings $509.0M $513.0M $328.0M
YoY Change 9.23% -1.16% -30.06%
Net Earnings / Revenue 16.55% 17.28% 12.38%
Basic Earnings Per Share $0.64 $0.65 $0.41
Diluted Earnings Per Share $0.64 $0.65 $0.41
COMMON SHARES
Basic Shares Outstanding 794.8M shares 795.0M shares 795.0M shares
Diluted Shares Outstanding 795.0M shares 795.0M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.128B $1.790B $2.225B
YoY Change -2.34% -3.5% -21.07%
Cash & Equivalents $2.128B $1.790B $2.225B
Short-Term Investments
Other Short-Term Assets $148.0M $136.0M $116.0M
YoY Change 24.37% 14.29% -1.69%
Inventory $46.00M $43.76M $42.36M
Prepaid Expenses
Receivables $776.0M $868.1M $926.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.098B $2.839B $3.309B
YoY Change -14.16% -14.73% -23.37%
LONG-TERM ASSETS
Property, Plant & Equipment $15.90B $16.30B $16.11B
YoY Change 1.09% 5.12% 3.75%
Goodwill
YoY Change
Intangibles $103.0M $108.8M $113.3M
YoY Change 45.07% 45.3% 43.7%
Long-Term Investments
YoY Change
Other Assets $155.0M $161.0M $156.8M
YoY Change -6.06% 38.74% 27.61%
Total Long-Term Assets $17.37B $17.84B $17.67B
YoY Change 0.68% 3.89% 2.21%
TOTAL ASSETS
Total Short-Term Assets $3.098B $2.839B $3.309B
Total Long-Term Assets $17.37B $17.84B $17.67B
Total Assets $20.47B $20.68B $20.98B
YoY Change -1.89% 0.87% -2.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.0M $123.2M $106.4M
YoY Change 15.32% 28.32% 13.66%
Accrued Expenses $1.935B $1.814B $1.712B
YoY Change 14.09% 9.74% -13.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $167.0M $164.0M $212.0M
YoY Change 75.79% 72.63% 116.33%
Total Short-Term Liabilities $2.806B $2.774B $2.620B
YoY Change 13.88% 17.31% -2.66%
LONG-TERM LIABILITIES
Long-Term Debt $9.428B $9.593B $10.06B
YoY Change 1.94% 6.19% 3.52%
Other Long-Term Liabilities $126.0M $125.6M $119.1M
YoY Change 11.5% 2.24% -6.71%
Total Long-Term Liabilities $126.0M $125.6M $119.1M
YoY Change 11.5% 2.24% -6.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.806B $2.774B $2.620B
Total Long-Term Liabilities $126.0M $125.6M $119.1M
Total Liabilities $12.97B $13.11B $13.42B
YoY Change 4.24% 8.23% 2.14%
SHAREHOLDERS EQUITY
Retained Earnings $2.222B $2.285B $2.344B
YoY Change -21.76% -20.96% -18.88%
Common Stock $1.000M $830.0K $830.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.443B $2.443B $2.443B
YoY Change 0.0% 2.52% 6.08%
Treasury Stock Shares 35.00M shares 35.41M shares 35.41M shares
Shareholders Equity $6.177B $6.344B $6.427B
YoY Change
Total Liabilities & Shareholders Equity $20.47B $20.68B $20.98B
YoY Change -1.89% 0.87% -2.9%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $509.0M $513.0M $328.0M
YoY Change 9.23% -1.16% -30.06%
Depreciation, Depletion And Amortization $327.9M $287.5M $264.2M
YoY Change 26.95% 11.65% 2.4%
Cash From Operating Activities $1.214B $1.043B $988.1M
YoY Change 20.26% 21.42% 16.63%
INVESTING ACTIVITIES
Capital Expenditures -$294.4M -$397.1M -$409.9M
YoY Change -29.16% 0.84% 16.48%
Acquisitions
YoY Change
Other Investing Activities $2.100M -$300.0K $10.40M
YoY Change 600.0% 50.0%
Cash From Investing Activities -$292.4M -$397.3M -$399.5M
YoY Change -29.61% 0.84% 13.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -555.0M -1.070B -55.20M
YoY Change 103.22% -23.78% -34.52%
NET CHANGE
Cash From Operating Activities 1.214B 1.043B 988.1M
Cash From Investing Activities -292.4M -397.3M -399.5M
Cash From Financing Activities -555.0M -1.070B -55.20M
Net Change In Cash 366.6M -424.3M 533.4M
YoY Change 14.21% -54.81% 29.75%
FREE CASH FLOW
Cash From Operating Activities $1.214B $1.043B $988.1M
Capital Expenditures -$294.4M -$397.1M -$409.9M
Free Cash Flow $1.508B $1.440B $1.398B
YoY Change 5.85% 14.95% 16.59%

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CY2017 us-gaap Earnings Per Share Diluted
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0.183
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0.200
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0.204
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1.193
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1.059
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2016Q4 us-gaap Employee Related Liabilities Current
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11000000 USD
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28000000 USD
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16000000 USD
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50000000 USD
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35000000 USD
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2622000000 USD
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2255000000 USD
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3052000000 USD
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2547000000 USD
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2220000000 USD
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2804000000 USD
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127000000 USD
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158000000 USD
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204000000 USD
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230000000 USD
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19000000 USD
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40000000 USD
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CY2015 us-gaap Increase Decrease In Construction Payables
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93000000 USD
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20000000 USD
CY2017 us-gaap Increase Decrease In Construction Payables
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36000000 USD
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246000000 USD
CY2017 us-gaap Increase Decrease In Other Operating Liabilities
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180000000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash
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1000000 USD
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2000000 USD
CY2017 us-gaap Increase Decrease In Restricted Cash
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10000000 USD
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UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
53000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
65000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
80000000 USD
CY2016Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
79000000 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
77000000 USD
CY2016Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
173000000 USD
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
198000000 USD
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
798000000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
795000000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
792000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
797000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
795000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
792000000 shares
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the consolidated statements of cash flows for the years ended December 31, 2016 and 2015, have been reclassified to be consistent with the current year presentation. The reclassification had no impact on the Company's financial condition, results of operations or cash flows.</font></div></div>
CY2017 us-gaap Revenue Recognition Loyalty Programs
RevenueRecognitionLoyaltyPrograms
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Frequent Players Program</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has established promotional clubs to encourage repeat business from frequent and active slot machine and table games patrons. Members earn points primarily based on gaming activity and such points can be redeemed for cash, free play and other free goods and services. The Company accrues for club points expected to be redeemed for cash and free play as a reduction to gaming revenue and accrues for club points expected to be redeemed for free goods and services primarily as casino expense. The accruals are based on estimates and assumptions regarding the mix of cash, free play and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals.</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;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:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates.</font></div></div>

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