2017 Q3 Form 10-Q Financial Statement

#000158199017000015 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $5.873B $6.078B $4.950B
YoY Change 13.6% 22.79% -25.71%
Cost Of Revenue $5.327B $5.320B $4.224B
YoY Change 20.28% 25.95% -27.77%
Gross Profit $546.0M $758.0M $726.0M
YoY Change -26.32% 4.41% -10.92%
Gross Profit Margin 9.3% 12.47% 14.67%
Selling, General & Admin $347.0M $372.0M $374.0M
YoY Change -4.14% -0.53% -24.44%
% of Gross Profit 63.55% 49.08% 51.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $152.0M $129.0M $205.0M
YoY Change 360.61% -37.07% 89.81%
% of Gross Profit 27.84% 17.02% 28.24%
Operating Expenses $499.0M $501.0M $579.0M
YoY Change 26.33% -13.47% -3.98%
Operating Profit $43.00M $256.0M $145.0M
YoY Change -87.64% 76.55% -30.95%
Interest Expense $134.0M $127.0M $118.0M
YoY Change 15.52% 7.63% -300.0%
% of Operating Profit 311.63% 49.61% 81.38%
Other Income/Expense, Net -$1.000M $1.000M $25.00M
YoY Change -105.88% -96.0% 2400.0%
Pretax Income -$12.00M $198.0M $92.00M
YoY Change -104.07% 115.22% -40.26%
Income Tax -$43.00M $24.00M $10.00M
% Of Pretax Income 12.12% 10.87%
Net Earnings $4.000M $24.00M $42.00M
YoY Change -83.33% -42.86% 40.0%
Net Earnings / Revenue 0.07% 0.39% 0.85%
Basic Earnings Per Share
Diluted Earnings Per Share $25.97K $156.9K $400.0K
COMMON SHARES
Basic Shares Outstanding 153.5M shares 152.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.00M $50.00M $37.00M
YoY Change 5.88% 35.14% 23.33%
Cash & Equivalents $36.00M $50.00M $37.00M
Short-Term Investments
Other Short-Term Assets $811.0M $457.0M $469.0M
YoY Change 50.74% -2.56% 63.41%
Inventory $884.0M $936.0M $1.085B
Prepaid Expenses
Receivables $2.287B $2.088B $2.014B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.018B $3.531B $3.605B
YoY Change 6.41% -2.05% -8.64%
LONG-TERM ASSETS
Property, Plant & Equipment $14.29B $14.34B $14.52B
YoY Change 3.3% -1.25% 3.53%
Goodwill $2.598B $2.596B
YoY Change 10.41%
Intangibles
YoY Change
Long-Term Investments $2.671B $2.626B $2.161B
YoY Change 20.53% 21.52% 17.38%
Other Assets $909.0M $919.0M $2.394B
YoY Change 197.06% -61.61% -4.28%
Total Long-Term Assets $23.69B $23.70B $21.47B
YoY Change 9.51% 10.41% 3.18%
TOTAL ASSETS
Total Short-Term Assets $4.018B $3.531B $3.605B
Total Long-Term Assets $23.69B $23.70B $21.47B
Total Assets $27.71B $27.24B $25.08B
YoY Change 9.05% 8.61% 1.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.715B $2.351B $2.334B
YoY Change 19.03% 0.73% -25.14%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $918.0M $1.114B $1.302B
YoY Change -33.67% -14.44% 42.3%
Total Short-Term Liabilities $4.018B $3.759B $4.031B
YoY Change -1.5% -6.75% -9.92%
LONG-TERM LIABILITIES
Long-Term Debt $10.49B $10.04B $10.08B
YoY Change 2.47% -0.37% 3.92%
Other Long-Term Liabilities $698.0M $706.0M $678.0M
YoY Change -3.32% 4.13% 19.37%
Total Long-Term Liabilities $11.19B $10.75B $10.76B
YoY Change 2.09% -0.08% 4.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.018B $3.759B $4.031B
Total Long-Term Liabilities $11.19B $10.75B $10.76B
Total Liabilities $15.21B $14.51B $23.27B
YoY Change 1.12% -37.67% 1.39%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.528B $2.578B $1.802B
YoY Change
Total Liabilities & Shareholders Equity $27.71B $27.24B $25.08B
YoY Change 9.05% 8.61% 1.3%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $4.000M $24.00M $42.00M
YoY Change -83.33% -42.86% 40.0%
Depreciation, Depletion And Amortization $152.0M $129.0M $205.0M
YoY Change 360.61% -37.07% 89.81%
Cash From Operating Activities $456.0M $644.0M -$252.0M
YoY Change 81.67% -355.56% 236.0%
INVESTING ACTIVITIES
Capital Expenditures -$229.0M -$274.0M -$334.0M
YoY Change -30.82% -17.96% -46.04%
Acquisitions
YoY Change
Other Investing Activities -$80.00M $111.0M $99.00M
YoY Change 7900.0% 12.12% -270.69%
Cash From Investing Activities -$309.0M -$163.0M -$235.0M
YoY Change -6.93% -30.64% -65.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -162.0M -473.0M 484.0M
YoY Change -307.69% -197.73% 52.2%
NET CHANGE
Cash From Operating Activities 456.0M 644.0M -252.0M
Cash From Investing Activities -309.0M -163.0M -235.0M
Cash From Financing Activities -162.0M -473.0M 484.0M
Net Change In Cash -15.00M 8.000M -3.000M
YoY Change 400.0% -366.67% -99.31%
FREE CASH FLOW
Cash From Operating Activities $456.0M $644.0M -$252.0M
Capital Expenditures -$229.0M -$274.0M -$334.0M
Free Cash Flow $685.0M $918.0M $82.00M
YoY Change 17.7% 1019.51% -84.93%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except as discussed below and in our 2016 Annual Report on Form&#160;10-K, there have been no new accounting pronouncements that have become effective or have been issued during the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> that are of significance or potential significance to us.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accounting Standards Updates Adopted During the Period</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation &#8212; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">, which simplified several aspects of the accounting for share-based payment</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification of certain related payments on the statement of cash flows. This guidance was effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. We adopted the applicable provisions of the ASU on January 1, 2017 and (i) elected to account for forfeitures as they occur, utilizing the modified retrospective approach of adoption, and (ii) will classify units directly withheld for tax-withholding purposes as a financing activity on our Condensed Consolidated Statement of Cash Flows for all periods presented. Our adoption did not have a material impact on our financial position, results of operations or cash flows for the periods presented.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles &#8212; Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment</font><font style="font-family:inherit;font-size:10pt;">. The amendments within this ASU eliminate Step 2 from the goodwill impairment test, which currently requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under the amended standard, goodwill impairment will instead be measured using Step 1 of the goodwill impairment test with goodwill impairment being equal to the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods, with early adoption permitted. We early adopted this ASU in the first quarter of 2017 and applied the amendments therein to our 2017 annual goodwill impairment test.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accounting Standards Updates Issued During the Period</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In&#160;January 2017, the&#160;FASB issued ASU 2017-01,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations (Topic 805): Clarifying the Definition of a Business</font><font style="font-family:inherit;font-size:10pt;">, which improves the guidance for determining whether a transaction involves the purchase or disposal of a business or an asset. This guidance becomes effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted, and prospective application required. We plan to adopt this guidance on January 1, 2018 and will apply the new guidance to applicable transactions occurring after that date.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In&#160;February 2017, the FASB issued ASU 2017-05,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Income &#8212; Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. </font><font style="font-family:inherit;font-size:10pt;">The update includes the following clarifications: (i) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty, (ii) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations and (iii) requires entities to derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (1) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810-10 and (2) transfers control of the asset in accordance with Topic 606. This guidance is effective beginning after December 15, 2017, including interim periods within those periods and must be adopted at the same time as ASC 606. We will adopt this guidance on January 1, 2018 and are currently evaluating the impact of the adoption on our financial position, results of operations and cash flows.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU 2017-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting </font><font style="font-family:inherit;font-size:10pt;">to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is required only if the fair value (or calculated value or intrinsic value, if such alternative method is used), the vesting conditions, or the classification of the award (equity or liability) changes as a result of the change in terms or conditions. This guidance will become effective for interim and annual periods beginning after December 31, 2017, with early adoption permitted, and prospective application required. We expect to adopt this guidance on January 1, 2018, and we do not currently anticipate that our adoption will have a material impact on our financial position, results of operations and cash flows.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Other Accounting Standards Updates </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May&#160;2014, the FASB issued ASU 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers (Topic 606) </font><font style="font-family:inherit;font-size:10pt;">with the underlying principle that an entity will recognize revenue to reflect amounts expected to be received in exchange for the provision of goods and services to customers upon the transfer of those goods or services. This ASU also requires additional disclosures. This ASU can be adopted either with a full retrospective approach or a modified retrospective approach with a cumulative-effect adjustment as of the date of adoption and is effective for interim and annual periods beginning after December 15, 2017. We implemented a process to evaluate the impact of adopting this ASU on each type of revenue contract entered into with customers and our implementation team is in the process of determining appropriate changes to our business processes, systems and controls to support recognition and disclosure under the new standard. We have not identified any significant revenue recognition timing differences for types of revenue streams assessed to date; however, our evaluation is not complete. In addition, we are assessing the impact of changes to disclosures and expect an increase in disclosures about the nature, amount, timing and uncertainty of revenue and the related cash flows. We will adopt this guidance on January 1, 2018, and currently anticipate that we will apply the modified retrospective approach.</font></div></div>

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