2015 Q1 Form 10-Q Financial Statement

#000133525815000047 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.120B $1.127B
YoY Change -0.62% 22.04%
Cost Of Revenue $721.3M $731.2M
YoY Change -1.35% 26.75%
Gross Profit $399.0M $396.2M
YoY Change 0.71% 14.24%
Gross Profit Margin 35.62% 35.15%
Selling, General & Admin $314.5M $302.4M
YoY Change 4.01% 8.19%
% of Gross Profit 78.83% 76.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.13M $30.62M
YoY Change 4.95% 0.96%
% of Gross Profit 8.05% 7.73%
Operating Expenses $314.5M $302.4M
YoY Change 4.01% 8.19%
Operating Profit -$23.94M -$12.31M
YoY Change 94.47% -62.92%
Interest Expense $25.36M $24.49M
YoY Change 3.56% -13.0%
% of Operating Profit
Other Income/Expense, Net -$21.03M $1.176M
YoY Change -1888.1% -132.33%
Pretax Income -$65.78M -$32.15M
YoY Change 104.59% -46.97%
Income Tax $745.0K -$2.055M
% Of Pretax Income
Net Earnings -$58.28M -$32.45M
YoY Change 79.61% -48.69%
Net Earnings / Revenue -5.2% -2.88%
Basic Earnings Per Share -$0.31 -$0.17
Diluted Earnings Per Share -$0.31 -$0.17
COMMON SHARES
Basic Shares Outstanding 200.2M shares 200.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.607B $1.629B
YoY Change -1.35% 30.74%
Cash & Equivalents $1.607B $1.629B
Short-Term Investments
Other Short-Term Assets $38.07M $59.39M
YoY Change -35.89% 18.92%
Inventory
Prepaid Expenses $573.8M $514.1M
Receivables $434.5M $509.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.653B $2.712B
YoY Change -2.16% 16.9%
LONG-TERM ASSETS
Property, Plant & Equipment $675.8M $698.0M
YoY Change -3.18% -0.48%
Goodwill $1.422B $1.494B
YoY Change -4.82% 12.44%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $553.6M $316.5M
YoY Change 74.89% 36.33%
Total Long-Term Assets $3.685B $3.548B
YoY Change 3.86% 5.34%
TOTAL ASSETS
Total Short-Term Assets $2.653B $2.712B
Total Long-Term Assets $3.685B $3.548B
Total Assets $6.338B $6.260B
YoY Change 1.25% 10.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.76M $107.3M
YoY Change -44.32% 3.84%
Accrued Expenses $544.5M $622.0M
YoY Change -12.47% 8.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $64.00M $284.0M
YoY Change -77.46% 365.57%
Total Short-Term Liabilities $2.507B $2.836B
YoY Change -11.61% 25.89%
LONG-TERM LIABILITIES
Long-Term Debt $1.969B $1.524B
YoY Change 29.2% -8.8%
Other Long-Term Liabilities $111.9M $104.2M
YoY Change 7.36% 12.08%
Total Long-Term Liabilities $111.9M $104.2M
YoY Change 7.36% 12.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.507B $2.836B
Total Long-Term Liabilities $111.9M $104.2M
Total Liabilities $2.619B $2.941B
YoY Change -10.94% 25.34%
SHAREHOLDERS EQUITY
Retained Earnings -$1.101B -$984.2M
YoY Change 11.85% 1.3%
Common Stock $2.009M $1.989M
YoY Change 1.01% 3.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.865M $6.865M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $1.196B $1.395B
YoY Change
Total Liabilities & Shareholders Equity $6.338B $6.260B
YoY Change 1.25% 10.05%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$58.28M -$32.45M
YoY Change 79.61% -48.69%
Depreciation, Depletion And Amortization $32.13M $30.62M
YoY Change 4.95% 0.96%
Cash From Operating Activities $347.7M $366.6M
YoY Change -5.17% 35.55%
INVESTING ACTIVITIES
Capital Expenditures $29.37M $24.52M
YoY Change 19.74% -4.47%
Acquisitions $15.88M $11.63M
YoY Change 36.49% 3331.86%
Other Investing Activities $762.0K $554.0K
YoY Change 37.55% 7.78%
Cash From Investing Activities -$50.58M -$37.53M
YoY Change 34.77% 101.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $8.682M $6.547M
YoY Change 32.61% -93.23%
Cash From Financing Activities -$24.32M -$4.752M
YoY Change 411.68% -135.94%
NET CHANGE
Cash From Operating Activities $347.7M $366.6M
Cash From Investing Activities -$50.58M -$37.53M
Cash From Financing Activities -$24.32M -$4.752M
Net Change In Cash $272.8M $324.3M
YoY Change -15.9% 22.36%
FREE CASH FLOW
Cash From Operating Activities $347.7M $366.6M
Capital Expenditures $29.37M $24.52M
Free Cash Flow $318.3M $342.1M
YoY Change -6.95% 39.75%

Facts In Submission

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NetCashProvidedByUsedInInvestingActivities
-50583000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-32448000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2351000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-8247000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-34492000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-62168000 USD
CY2015Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-60498000 USD
CY2015Q1 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
16032000 USD
CY2015Q1 us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
2508000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-12308000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-23935000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
26089000 USD
CY2015Q1 us-gaap Other Assets Current
OtherAssetsCurrent
38069000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
474103000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
553556000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-44481000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
9819000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-44668000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-44468000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-30000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-5000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-17000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-13000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
182000 USD
CY2014Q1 us-gaap Other General Expense
OtherGeneralExpense
21174000 USD
CY2015Q1 us-gaap Other General Expense
OtherGeneralExpense
24360000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
12035000 USD
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
22221000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
112204000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
111894000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
3173000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1176000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
3542000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-21028000 USD
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
554000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1426000 USD
CY2014Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
4195000 USD
CY2015Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
3858000 USD
CY2014Q1 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
1951000 USD
CY2015Q1 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
2000000 USD
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11634000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
15879000 USD
CY2014Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
823000 USD
CY2015Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3913000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24523000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29365000 USD
CY2014Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
440272000 USD
CY2015Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
573843000 USD
CY2015Q1 us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
20000000 USD
CY2014Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
43000 USD
CY2015Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
101000 USD
CY2014Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
81000 USD
CY2015Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7919000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3541000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-30097000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-66526000 USD
CY2014Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
21814000 USD
CY2015Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
25797000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1550776000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1546259000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
695337000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
675792000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-13000 USD
CY2014Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
168855000 USD
CY2015Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
166816000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6547000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8682000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1042603000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1100882000 USD
CY2014Q1 us-gaap Revenues
Revenues
1127316000 USD
CY2015Q1 us-gaap Revenues
Revenues
1120312000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
302405000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
314545000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
10018000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9497000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3541000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1296954000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
1195948000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1483847000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1388552000 USD
CY2015Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
1173000 USD
CY2014Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
2044000 USD
CY2015Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
3889000 USD
CY2015Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-6028000 USD
CY2015Q1 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
0 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
6865000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
6865000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
197857662 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
200155435 shares
CY2015Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2015 presentation.&#160;The Company has reclassified </font><font style="font-family:inherit;font-size:10pt;">$20.0 million</font><font style="font-family:inherit;font-size:10pt;"> of debt issuance costs originally included in other long-term assets in the December 31, 2014 balance sheet and now reflects it as as a reduction of current portion of long-term debt and long-term debt in connection with the retrospective application of new accounting guidance for debt issuance costs as discussed below.&#160; </font></div></div>

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