2017 Q1 Form 10-Q Financial Statement

#000163391717000075 Filed on April 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $2.975B $2.544B
YoY Change 16.94% 19.05%
Cost Of Revenue $1.604B $1.303B
YoY Change 23.1% 26.75%
Gross Profit $1.371B $1.241B
YoY Change 10.48% 11.9%
Gross Profit Margin 46.08% 48.78%
Selling, General & Admin $503.0M $464.0M
YoY Change 8.41% 5.69%
% of Gross Profit 36.69% 37.39%
Research & Development $214.0M $195.0M
YoY Change 9.74% 5.41%
% of Gross Profit 15.61% 15.71%
Depreciation & Amortization $183.0M $174.0M
YoY Change 5.17% 23.4%
% of Gross Profit 13.35% 14.02%
Operating Expenses $2.544B $2.137B
YoY Change 19.05% 17.74%
Operating Profit $431.0M $407.0M
YoY Change 5.9% 26.4%
Interest Expense -$9.000M
YoY Change -18.18%
% of Operating Profit -2.21%
Other Income/Expense, Net $7.000M $15.00M
YoY Change -53.33% -1600.0%
Pretax Income $438.0M $422.0M
YoY Change 3.79% 31.46%
Income Tax $54.00M $57.00M
% Of Pretax Income 12.33% 13.51%
Net Earnings $384.0M $365.0M
YoY Change 5.21% 43.14%
Net Earnings / Revenue 12.91% 14.35%
Basic Earnings Per Share $0.32 $0.30
Diluted Earnings Per Share $0.32 $0.30
COMMON SHARES
Basic Shares Outstanding 1.203B shares 1.216B shares
Diluted Shares Outstanding 1.216B shares 1.225B shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.055B $4.767B
YoY Change -14.94% 100.72%
Cash & Equivalents $1.240B $2.583B
Short-Term Investments $2.815B $2.184B
Other Short-Term Assets $897.0M $586.0M
YoY Change 53.07% 22.08%
Inventory
Prepaid Expenses
Receivables $178.0M $159.0M
Other Receivables $20.30B $16.46B
Total Short-Term Assets $25.43B $21.97B
YoY Change 15.74% 20.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.448B $1.345B
YoY Change 7.66% 36.0%
Goodwill $4.060B $4.071B
YoY Change -0.27%
Intangibles
YoY Change
Long-Term Investments $2.325B $1.661B
YoY Change 39.98% 5258.06%
Other Assets $51.00M $105.0M
YoY Change -51.43% 250.0%
Total Long-Term Assets $8.068B $7.502B
YoY Change 7.54% 71.59%
TOTAL ASSETS
Total Short-Term Assets $25.43B $21.97B
Total Long-Term Assets $8.068B $7.502B
Total Assets $33.49B $29.47B
YoY Change 13.65% 30.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $164.0M $158.0M
YoY Change 3.8% -98.57%
Accrued Expenses $1.300B $1.145B
YoY Change 13.54% -26.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.29B $14.36B
YoY Change 20.36% 6.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.581B $1.510B
YoY Change 4.7% 287.18%
Total Long-Term Liabilities $1.581B $1.510B
YoY Change 4.7% 287.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.29B $14.36B
Total Long-Term Liabilities $1.581B $1.510B
Total Liabilities $18.87B $15.87B
YoY Change 18.87% 13.87%
SHAREHOLDERS EQUITY
Retained Earnings $2.412B $1.033B
YoY Change 133.49%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.512B $596.0M
YoY Change 153.69%
Treasury Stock Shares 39.00M shares 17.00M shares
Shareholders Equity $14.63B $13.60B
YoY Change
Total Liabilities & Shareholders Equity $33.49B $29.47B
YoY Change 13.65% 30.52%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $384.0M $365.0M
YoY Change 5.21% 43.14%
Depreciation, Depletion And Amortization $183.0M $174.0M
YoY Change 5.17% 23.4%
Cash From Operating Activities $751.0M $738.0M
YoY Change 1.76% 35.66%
INVESTING ACTIVITIES
Capital Expenditures $148.0M $133.0M
YoY Change 11.28% -31.44%
Acquisitions $0.00 $19.00M
YoY Change -100.0%
Other Investing Activities -$1.095B $458.0M
YoY Change -339.08% -863.33%
Cash From Investing Activities -$1.243B $325.0M
YoY Change -482.46% -155.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $505.0M $590.0M
YoY Change -14.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$54.00M $113.0M
YoY Change -147.79% -52.72%
NET CHANGE
Cash From Operating Activities $751.0M $738.0M
Cash From Investing Activities -$1.243B $325.0M
Cash From Financing Activities -$54.00M $113.0M
Net Change In Cash -$535.0M $1.176B
YoY Change -145.49% 500.0%
FREE CASH FLOW
Cash From Operating Activities $751.0M $738.0M
Capital Expenditures $148.0M $133.0M
Free Cash Flow $603.0M $605.0M
YoY Change -0.33% 72.86%

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CY2017Q1 us-gaap Noncurrent Assets
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CY2017Q1 us-gaap Number Of Businesses Acquired
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CY2016Q1 us-gaap Operating Expenses
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CY2017Q1 us-gaap Operating Income Loss
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CY2016Q4 us-gaap Other Assets Noncurrent
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CY2017Q1 us-gaap Other Assets Noncurrent
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CY2016Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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CY2016Q1 us-gaap Sales Revenue Net
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CY2017Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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0 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2016Q1 us-gaap Other Comprehensive Income Loss Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Tax
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CY2016Q1 us-gaap Payments For Proceeds From Loans Receivable
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CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2016Q1 us-gaap Payments To Acquire Investments
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CY2017Q1 us-gaap Payments To Acquire Investments
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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2017Q1 us-gaap Proceeds From Repayments Of Debt
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CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2016Q1 us-gaap Reclassification From Aoci Current Period Tax
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CY2016Q1 us-gaap Research And Development Expense
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CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2016Q1 us-gaap Restructuring Charges
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CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2017Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2016Q4 us-gaap Treasury Stock Shares
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CY2017Q1 us-gaap Treasury Stock Shares
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CY2017Q1 us-gaap Treasury Stock Shares Acquired
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CY2017Q1 us-gaap Treasury Stock Shares Retired
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CY2016Q4 us-gaap Treasury Stock Value
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CY2017Q1 us-gaap Treasury Stock Value
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CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2016Q4 us-gaap Unused Commitments To Extend Credit
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CY2017Q1 us-gaap Unused Commitments To Extend Credit
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1216000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1203000000 shares
CY2017Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses, during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction and loan losses, loss contingencies, income taxes, revenue recognition and the valuation of goodwill and intangible assets. We base our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual results could differ from those estimates. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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