2018 Q1 Form 10-Q Financial Statement

#000163391718000096 Filed on April 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $3.685B $2.975B
YoY Change 23.87% 16.94%
Cost Of Revenue $1.931B $1.604B
YoY Change 20.39% 23.1%
Gross Profit $1.754B $1.371B
YoY Change 27.94% 10.48%
Gross Profit Margin 47.6% 46.08%
Selling, General & Admin $628.0M $503.0M
YoY Change 24.85% 8.41%
% of Gross Profit 35.8% 36.69%
Research & Development $258.0M $214.0M
YoY Change 20.56% 9.74%
% of Gross Profit 14.71% 15.61%
Depreciation & Amortization $185.0M $183.0M
YoY Change 1.09% 5.17%
% of Gross Profit 10.55% 13.35%
Operating Expenses $3.151B $2.544B
YoY Change 23.86% 19.05%
Operating Profit $534.0M $431.0M
YoY Change 23.9% 5.9%
Interest Expense $16.00M
YoY Change
% of Operating Profit 3.0%
Other Income/Expense, Net $14.00M $7.000M
YoY Change 100.0% -53.33%
Pretax Income $548.0M $438.0M
YoY Change 25.11% 3.79%
Income Tax $37.00M $54.00M
% Of Pretax Income 6.75% 12.33%
Net Earnings $511.0M $384.0M
YoY Change 33.07% 5.21%
Net Earnings / Revenue 13.87% 12.91%
Basic Earnings Per Share $0.43 $0.32
Diluted Earnings Per Share $0.42 $0.32
COMMON SHARES
Basic Shares Outstanding 1.192B shares 1.203B shares
Diluted Shares Outstanding 1.217B shares 1.216B shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.306B $4.055B
YoY Change 55.51% -14.94%
Cash & Equivalents $2.879B $1.240B
Short-Term Investments $3.427B $2.815B
Other Short-Term Assets $900.0M $897.0M
YoY Change 0.33% 53.07%
Inventory
Prepaid Expenses
Receivables $258.0M $178.0M
Other Receivables $27.28B $20.30B
Total Short-Term Assets $34.74B $25.43B
YoY Change 36.65% 15.74%
LONG-TERM ASSETS
Property, Plant & Equipment $1.523B $1.448B
YoY Change 5.18% 7.66%
Goodwill $4.338B $4.060B
YoY Change 6.85% -0.27%
Intangibles
YoY Change
Long-Term Investments $1.487B $2.325B
YoY Change -36.04% 39.98%
Other Assets $94.00M $51.00M
YoY Change 84.31% -51.43%
Total Long-Term Assets $7.580B $8.068B
YoY Change -6.05% 7.54%
TOTAL ASSETS
Total Short-Term Assets $34.74B $25.43B
Total Long-Term Assets $7.580B $8.068B
Total Assets $42.32B $33.49B
YoY Change 26.36% 13.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $187.0M $164.0M
YoY Change 14.02% 3.8%
Accrued Expenses $1.767B $1.300B
YoY Change 35.92% 13.54%
Deferred Revenue
YoY Change
Short-Term Debt $3.000B $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.71B $17.29B
YoY Change 48.76% 20.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.967B $1.581B
YoY Change 24.41% 4.7%
Total Long-Term Liabilities $1.967B $1.581B
YoY Change 24.41% 4.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.71B $17.29B
Total Long-Term Liabilities $1.967B $1.581B
Total Liabilities $27.68B $18.87B
YoY Change 46.72% 18.87%
SHAREHOLDERS EQUITY
Retained Earnings $4.334B $2.412B
YoY Change 79.68% 133.49%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.811B $1.512B
YoY Change 152.05% 153.69%
Treasury Stock Shares 71.00M shares 39.00M shares
Shareholders Equity $14.64B $14.63B
YoY Change
Total Liabilities & Shareholders Equity $42.32B $33.49B
YoY Change 26.36% 13.65%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $511.0M $384.0M
YoY Change 33.07% 5.21%
Depreciation, Depletion And Amortization $185.0M $183.0M
YoY Change 1.09% 5.17%
Cash From Operating Activities -$349.0M $751.0M
YoY Change -146.47% 1.76%
INVESTING ACTIVITIES
Capital Expenditures $178.0M $148.0M
YoY Change 20.27% 11.28%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $183.0M -$1.095B
YoY Change -116.71% -339.08%
Cash From Investing Activities $5.000M -$1.243B
YoY Change -100.4% -482.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.812B $505.0M
YoY Change 258.81% -14.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $793.0M -$54.00M
YoY Change -1568.52% -147.79%
NET CHANGE
Cash From Operating Activities -$349.0M $751.0M
Cash From Investing Activities $5.000M -$1.243B
Cash From Financing Activities $793.0M -$54.00M
Net Change In Cash $442.0M -$535.0M
YoY Change -182.62% -145.49%
FREE CASH FLOW
Cash From Operating Activities -$349.0M $751.0M
Capital Expenditures $178.0M $148.0M
Free Cash Flow -$527.0M $603.0M
YoY Change -187.4% -0.33%

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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 U.S. generally accepted accounting principles ("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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