2018 Q4 Form 10-K Financial Statement

#000140352819000007 Filed on February 22, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $594.2M $311.1M $235.0M
YoY Change 91.02% 4.29% -19.02%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.037M
YoY Change -21.46%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $35.78M
YoY Change 10.37%
% of Operating Profit
Other Income/Expense, Net -$95.24M $210.1M $82.98M
YoY Change -145.34% 114.71% -7.29%
Pretax Income $125.2M $281.6M $148.2M
YoY Change -55.52% 51.4% -16.44%
Income Tax $13.86M
% Of Pretax Income 9.35%
Net Earnings $74.54M $13.41M $45.84M
YoY Change 455.67% -77.37% -21.37%
Net Earnings / Revenue 12.54% 4.31% 19.5%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $831.7M $959.5M $1.236B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $105.7M $110.2M $109.0M
YoY Change -4.04% 18.36% 16.41%
Goodwill $69.30M $69.30M $69.30M
YoY Change 0.0% 0.0% 0.0%
Intangibles $314.3M $331.2M $15.34M
YoY Change -5.09% 1705.42% -20.7%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $10.43B $9.015B $8.867B
YoY Change 15.72% 17.85% 24.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $6.983B $6.134B $6.248B
YoY Change 13.85% 13.17% 25.85%
SHAREHOLDERS EQUITY
Retained Earnings $100.7M $80.13M $102.9M
YoY Change 25.65% 47.04% 182.85%
Common Stock $893.0M $788.4M $773.7M
YoY Change 13.27% 5.18% 4.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.395B $869.0M $875.4M
YoY Change
Total Liabilities & Shareholders Equity $10.43B $9.015B $8.867B
YoY Change 15.72% 17.85% 24.9%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $74.54M $13.41M $45.84M
YoY Change 455.67% -77.37% -21.37%
Depreciation, Depletion And Amortization $3.037M
YoY Change -21.46%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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54221000 USD
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25297000 USD
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26549000 USD
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36300000 USD
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169773000 USD
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239582000 USD
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251036000 USD
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0 USD
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4085000 USD
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1436000 USD
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5907000 USD
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7402000 USD
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17858000 USD
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12679000 USD
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14981000 USD
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6154000 USD
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2687000 USD
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2934000 USD
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23835000 USD
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8934000 USD
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347000 USD
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20000 USD
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24661000 USD
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202763000 USD
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2101000 USD
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3697000 USD
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9191000 USD
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16222000 USD
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5005000 USD
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0.0013
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0.35
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0.35
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0.0089
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0.0023
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0.0057
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0.0038
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0.0055
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46525116000 USD
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46419414000 USD
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1795490000 USD
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195573000 USD
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16780000 USD
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75461000 USD
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300984000 USD
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148234000 USD
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281573000 USD
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904924000 USD
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143798000 USD
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70624000 USD
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149659000 USD
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125243000 USD
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489324000 USD
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22060000 USD
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215442000 USD
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24779000 USD
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15178000 USD
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22853000 USD
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13103000 USD
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120610000 USD
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169888000 USD
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160111000 USD
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99740000 USD
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146341000 USD
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131113000 USD
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165066000 USD
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215119000 USD
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287155000 USD
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199126000 USD
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InvestmentIncomeNonoperating
201289000 USD
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157110000 USD
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621892000 USD
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868645000 USD
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809338000 USD
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9014796000 USD
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10432178000 USD
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4600000 USD
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1
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2916000 USD
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14388000 USD
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23151000 USD
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80106000 USD
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994983000 USD
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342959000 USD
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-493150000 USD
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Derivatives and Hedging</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A derivative is a financial instrument whose value is derived from an underlying financial instrument or index, such as interest rates, equity securities, currencies, commodities or credit spreads. Derivatives include futures, forwards, swaps or option contracts, and other financial instruments with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest-rate swaps, foreign-currency forwards or cross-currency swaps). </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company enters into derivatives as part of its overall risk management strategy or to facilitate its investment management activities. Risks associated with fluctuations in interest rates and foreign-currency exchange rates in the normal course of business are addressed as part of the Company&#8217;s overall risk management strategy that may result in the use of derivatives to economically hedge or reduce these exposures. From time to time, the Company may enter into (a)&#160;foreign-currency option and forward contracts to reduce earnings and cash-flow volatility associated with changes in foreign-currency exchange rates, and (b)&#160;interest-rate swaps to manage all or a portion of the interest-rate risk associated with its variable-rate borrowings. As a result of the use of these or other derivative contracts, the Company is exposed to the risk that counterparties will fail to fulfill their contractual obligations. The Company attempts to mitigate this counterparty risk by entering into derivative contracts only with major financial institutions that have investment-grade credit ratings. Counterparty credit risk is evaluated in determining the fair value of derivatives.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company recognizes all derivatives as assets or liabilities in its consolidated statements of financial condition at fair value. In connection with its derivative activities, the Company generally enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its consolidated statements of financial condition.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">When the Company enters into a derivative contract, it may elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that we enter into as part of our overall risk management strategy but do not utilize hedge accounting. These financial instruments may include foreign-currency exchange contracts, interest-rate swaps and other derivative contracts. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Derivatives that are designated as hedging instruments are classified as either a hedge of (a) a recognized asset or liability (&#8220;fair-value hedge&#8221;), (b)&#160;a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (&#8220;cash-flow hedge&#8221;), or (c)&#160;a net investment in a foreign operation. For a fair-value hedge, the Company records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk in current-period earnings in the same caption in the consolidated statements of operations as the hedged item. Changes in the fair value of a derivative that is highly effective and is designated and qualifies as a cash-flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income (loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is recorded in current-period earnings. Changes in the fair value of derivatives designated as hedging instruments that are caused by factors other than changes in the risk being hedged are excluded from the assessment of hedge effectiveness and recognized in current-period earnings. For freestanding derivatives, changes in fair value are recorded in current-period earnings. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company formally documents at inception the hedge relationship, including identification of the hedging instrument and the hedged item, as well as the risk management objectives, the strategy for undertaking the hedge transaction, and the evaluation of effectiveness of the hedged transaction. On a quarterly basis, the Company formally assesses whether the derivative it designated in each hedging relationship has been and is expected to remain highly effective in offsetting changes in the estimated fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the balance remaining in other comprehensive income (loss) is released to earnings.</font></div></div>

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