2015 Q1 Form 10-Q Financial Statement

#000101387115000010 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $3.829B $3.486B
YoY Change 9.84% 67.52%
Cost Of Revenue $3.063B $2.737B
YoY Change 11.91% 56.13%
Gross Profit $766.0M $749.0M
YoY Change 2.27% 128.35%
Gross Profit Margin 20.01% 21.49%
Selling, General & Admin $265.0M $222.0M
YoY Change 19.37% -2.2%
% of Gross Profit 34.6% 29.64%
Research & Development $34.00M $19.00M
YoY Change 78.95% 5.56%
% of Gross Profit 4.44% 2.54%
Depreciation & Amortization $395.0M $335.0M
YoY Change 17.91% 9.12%
% of Gross Profit 51.57% 44.73%
Operating Expenses $299.0M $241.0M
YoY Change 24.07% -1.63%
Operating Profit $76.00M $180.0M
YoY Change -57.78% -167.67%
Interest Expense $301.0M $255.0M
YoY Change 18.04% 30.1%
% of Operating Profit 396.05% 141.67%
Other Income/Expense, Net -$285.0M -$278.0M
YoY Change 2.52% 28.11%
Pretax Income -$209.0M -$98.00M
YoY Change 113.27% -79.71%
Income Tax -$73.00M -$31.00M
% Of Pretax Income
Net Earnings -$120.0M -$56.00M
YoY Change 114.29% -83.13%
Net Earnings / Revenue -3.13% -1.61%
Basic Earnings Per Share $0.37 -$0.18
Diluted Earnings Per Share -$0.37 -$0.18
COMMON SHARES
Basic Shares Outstanding 336.0M shares 324.0M shares
Diluted Shares Outstanding 336.0M shares 324.0M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.164B $3.187B
YoY Change -32.1% 86.7%
Cash & Equivalents $2.164B $3.187B
Short-Term Investments
Other Short-Term Assets $3.602B $3.150B
YoY Change 14.35% -29.02%
Inventory $1.109B $781.0M
Prepaid Expenses
Receivables $1.179B $1.149B
Other Receivables $68.00M $116.0M
Total Short-Term Assets $8.122B $8.383B
YoY Change -3.11% 4.38%
LONG-TERM ASSETS
Property, Plant & Equipment $22.28B $19.64B
YoY Change 13.4% -3.72%
Goodwill $2.520B $2.038B
YoY Change 23.65% 4.3%
Intangibles
YoY Change
Long-Term Investments $772.0M $462.0M
YoY Change 67.1% -31.76%
Other Assets $1.404B $3.065B
YoY Change -54.19% 462.39%
Total Long-Term Assets $9.932B $26.58B
YoY Change -62.63% -2.79%
TOTAL ASSETS
Total Short-Term Assets $8.122B $8.383B
Total Long-Term Assets $9.932B $26.58B
Total Assets $40.33B $34.96B
YoY Change 15.36% -1.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.045B $1.082B
YoY Change -3.42% 2.66%
Accrued Expenses $1.047B $950.0M
YoY Change 10.21% -0.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $465.0M $685.0M
YoY Change -32.12% 23.2%
Total Short-Term Liabilities $4.509B $4.225B
YoY Change 6.72% -18.15%
LONG-TERM LIABILITIES
Long-Term Debt $20.05B $16.80B
YoY Change 19.32% 5.59%
Other Long-Term Liabilities $1.549B $1.230B
YoY Change 25.93% -16.55%
Total Long-Term Liabilities $24.13B $20.09B
YoY Change 20.1% 1.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.509B $4.225B
Total Long-Term Liabilities $24.13B $20.09B
Total Liabilities $28.64B $24.32B
YoY Change 17.78% -2.44%
SHAREHOLDERS EQUITY
Retained Earnings $3.413B $3.594B
YoY Change -5.04% -12.85%
Common Stock $8.366B $7.846B
YoY Change 6.63% 3.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.059B $1.940B
YoY Change 6.13% -0.21%
Treasury Stock Shares 81.87M shares 77.28M shares
Shareholders Equity $9.822B $9.759B
YoY Change
Total Liabilities & Shareholders Equity $40.33B $34.96B
YoY Change 15.36% -1.16%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$120.0M -$56.00M
YoY Change 114.29% -83.13%
Depreciation, Depletion And Amortization $395.0M $335.0M
YoY Change 17.91% 9.12%
Cash From Operating Activities $260.0M $391.0M
YoY Change -33.5% -415.32%
INVESTING ACTIVITIES
Capital Expenditures $252.0M $237.0M
YoY Change 6.33% -70.85%
Acquisitions $1.000M $218.0M
YoY Change -99.54% 1111.11%
Other Investing Activities -$3.000M -$3.000M
YoY Change 0.0% -400.0%
Cash From Investing Activities -$270.0M $124.0M
YoY Change -317.74% -114.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $78.00M -$3.000M
YoY Change -2700.0% -115.79%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $40.00M $416.0M
YoY Change -90.38% -28.28%
NET CHANGE
Cash From Operating Activities $260.0M $391.0M
Cash From Investing Activities -$270.0M $124.0M
Cash From Financing Activities $40.00M $416.0M
Net Change In Cash $30.00M $931.0M
YoY Change -96.78% -345.0%
FREE CASH FLOW
Cash From Operating Activities $260.0M $391.0M
Capital Expenditures $252.0M $237.0M
Free Cash Flow $8.000M $154.0M
YoY Change -94.81% -116.44%

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CY2015Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
443000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3588000000 USD
CY2014Q4 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
19000000 USD
CY2015Q1 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
19000000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19000000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34000000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-67000000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-136000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22367000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22276000000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
21000000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
15000000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3413000000 USD
CY2014Q1 us-gaap Revenues
Revenues
3486000000 USD
CY2015Q1 us-gaap Revenues
Revenues
3826000000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
222000000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
263000000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8000000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11000000 USD
CY2015Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2015Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2015Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
468854 shares
CY2015Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1755976 shares
CY2015Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
921654 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
6099173 shares
CY2014Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1624360 shares
CY2015Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
3146484 shares
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
12000000 USD
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
44000000 USD
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
23000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
156000000 USD
CY2014Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
44000000 USD
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
79000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11676000000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11377000000 USD
CY2014Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
291000000 USD
CY2015Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
293000000 USD
CY2015Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
25.46
CY2015Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
25.19
CY2015Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.92
CY2014Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
26.95
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
78843552 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
81865411 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1983000000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2059000000 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-253000000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-300000000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
6000000 USD
CY2015Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
5000000 USD
CY2015Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities Net
VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet
25000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
324000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
336000000 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:12px;text-align:justify;text-indent:30px;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:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations or cash flows.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. </font></div></div>

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