2018 Q4 Form 10-Q Financial Statement

#000007014519000004 Filed on February 01, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $490.2M $419.7M
YoY Change 16.82% -0.67%
Cost Of Revenue $138.7M $94.00M
YoY Change 47.55% 33.9%
Gross Profit $351.5M $325.7M
YoY Change 7.92% -7.55%
Gross Profit Margin 71.7% 77.61%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.26M $55.83M
YoY Change 15.09% -0.65%
% of Gross Profit 18.28% 17.14%
Operating Expenses $328.6M $270.2M
YoY Change 21.61% 7.92%
Operating Profit $161.7M $149.5M
YoY Change 8.17% -13.17%
Interest Expense -$26.50M -$28.60M
YoY Change -7.34% 0.7%
% of Operating Profit -16.39% -19.13%
Other Income/Expense, Net -$9.602M -$3.503M
YoY Change 174.11% -318.94%
Pretax Income $125.6M $117.4M
YoY Change 6.98% -19.24%
Income Tax $22.91M -$81.28M
% Of Pretax Income 18.24% -69.24%
Net Earnings $102.7M $198.7M
YoY Change -48.32% 123.44%
Net Earnings / Revenue 20.94% 47.34%
Basic Earnings Per Share $1.19 $2.32
Diluted Earnings Per Share $1.18 $2.30
COMMON SHARES
Basic Shares Outstanding 86.03M shares 85.63M shares
Diluted Shares Outstanding 86.71M shares 86.33M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.8M $166.3M
YoY Change -33.97% 21.83%
Cash & Equivalents $109.8M $166.3M
Short-Term Investments
Other Short-Term Assets $69.22M $47.91M
YoY Change 44.47% -3.74%
Inventory $65.30M $59.30M
Prepaid Expenses
Receivables $192.6M $161.0M
Other Receivables $31.50M $9.200M
Total Short-Term Assets $522.8M $521.6M
YoY Change 0.25% 11.51%
LONG-TERM ASSETS
Property, Plant & Equipment $5.084B $4.729B
YoY Change 7.5% 5.41%
Goodwill $5.476M $5.476M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $129.7M $123.4M
YoY Change 5.11% 7.59%
Other Assets $42.19M $754.0K
YoY Change 5495.49% 53.56%
Total Long-Term Assets $580.5M $541.3M
YoY Change 7.23% -23.53%
TOTAL ASSETS
Total Short-Term Assets $522.8M $521.6M
Total Long-Term Assets $580.5M $541.3M
Total Assets $6.187B $5.792B
YoY Change 6.82% 2.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.9M $132.4M
YoY Change -3.39% 17.04%
Accrued Expenses $191.2M $37.76M
YoY Change 406.27% 5.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $419.1M $365.3M
YoY Change 14.73% 19.3%
LONG-TERM LIABILITIES
Long-Term Debt $2.132B $2.084B
YoY Change 2.27% -0.11%
Other Long-Term Liabilities $990.7M $1.029B
YoY Change -3.72% 14.77%
Total Long-Term Liabilities $1.589B $1.482B
YoY Change 7.2% -12.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $419.1M $365.3M
Total Long-Term Liabilities $1.589B $1.482B
Total Liabilities $2.008B $1.848B
YoY Change 8.69% -7.9%
SHAREHOLDERS EQUITY
Retained Earnings $1.172B $1.015B
YoY Change 15.53% 33.06%
Common Stock $86.27M $85.76M
YoY Change 0.59% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.047B $1.860B
YoY Change
Total Liabilities & Shareholders Equity $6.187B $5.792B
YoY Change 6.82% 2.3%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $102.7M $198.7M
YoY Change -48.32% 123.44%
Depreciation, Depletion And Amortization $64.26M $55.83M
YoY Change 15.09% -0.65%
Cash From Operating Activities $104.4M $97.50M
YoY Change 7.05% -32.57%
INVESTING ACTIVITIES
Capital Expenditures $177.6M $142.6M
YoY Change 24.51% 34.47%
Acquisitions
YoY Change
Other Investing Activities $2.549M -$2.612M
YoY Change -197.59% -160.79%
Cash From Investing Activities -$180.1M -$140.0M
YoY Change 28.65% 33.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $307.0M
YoY Change -100.0%
Cash From Financing Activities -$44.77M -344.0M
YoY Change -86.99% 926.87%
NET CHANGE
Cash From Operating Activities $104.4M 97.50M
Cash From Investing Activities -$180.1M -140.0M
Cash From Financing Activities -$44.77M -344.0M
Net Change In Cash -$120.5M -386.5M
YoY Change -68.82% -6046.15%
FREE CASH FLOW
Cash From Operating Activities $104.4M $97.50M
Capital Expenditures $177.6M $142.6M
Free Cash Flow -$73.20M -$45.11M
YoY Change 62.25% -217.03%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;">.&#160; In November 2016, the FASB issued authoritative guidance related to the presentation of restricted cash on the statement of cash flows. The new guidance requires restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and requires disclosure of how cash and cash equivalents on the statement of cash flows reconciles to the balance sheet. The Company considers Hedging Collateral Deposits to be restricted cash. The Company adopted this guidance effective October 1, 2018 on a retrospective basis. As a result, prior periods have been reclassified to conform to the current year presentation. Additional discussion is provided below at Consolidated Statement of Cash Flows.</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued authoritative guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires segregation of the service cost component from the other components of net periodic pension cost and net periodic postretirement benefit cost for financial reporting purposes. The service cost component is to be presented on the income statement in the same line items as other compensation costs included within Operating Expenses and the other components of net periodic pension cost and net periodic postretirement benefit cost are to be presented on the income statement below the subtotal labeled Operating Income (Loss). Under this guidance, the service cost component is eligible to be capitalized as part of the cost of inventory or property, plant and equipment while the other components of net periodic pension cost and net periodic postretirement benefit cost are generally not eligible for capitalization, unless allowed by a regulator. The Company adopted this guidance effective October 1, 2018. The Company applied the guidance retrospectively for the pension and postretirement benefit costs using amounts disclosed in prior period financial statement notes as estimates for the reclassifications in accordance with a practical expedient allowed under the guidance. Operating Income increased </font><font style="font-family:inherit;font-size:10pt;">$7.5 million</font><font style="font-family:inherit;font-size:10pt;"> and Other Income (Deductions) decreased by the same amount for the quarter ended December 31, 2017 as a result of the reclassifications. For the quarter ended December 31, 2018, Other Income (Deductions) includes </font><font style="font-family:inherit;font-size:10pt;">$7.4 million</font><font style="font-family:inherit;font-size:10pt;"> of pension and postretirement benefit costs. </font></div></div>

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