2018 Q2 Form 10-Q Financial Statement

#000088488718000079 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $2.338B $2.195B
YoY Change 6.48% 4.28%
Cost Of Revenue $1.314B $1.257B
YoY Change 4.59% -4.11%
Gross Profit $1.023B $938.5M
YoY Change 9.03% 18.1%
Gross Profit Margin 43.77% 42.75%
Selling, General & Admin $312.9M $283.9M
YoY Change 10.24% -2.38%
% of Gross Profit 30.58% 30.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $253.4M $235.0M
YoY Change 7.83% 6.05%
% of Gross Profit 24.77% 25.04%
Operating Expenses $312.9M $283.9M
YoY Change 10.24% -2.38%
Operating Profit $456.9M $419.7M
YoY Change 8.86% 48.68%
Interest Expense $81.86M $76.63M
YoY Change 6.83% -2.69%
% of Operating Profit 17.92% 18.26%
Other Income/Expense, Net $9.400M -$50.17M
YoY Change -118.74% -4.2%
Pretax Income $466.3M $369.5M
YoY Change 26.2% 60.72%
Income Tax
% Of Pretax Income
Net Earnings $466.3M $369.5M
YoY Change 26.19% 60.73%
Net Earnings / Revenue 19.95% 16.83%
Basic Earnings Per Share $2.20 $1.72
Diluted Earnings Per Share $2.19 $1.71
COMMON SHARES
Basic Shares Outstanding 211.7M shares 215.1M shares
Diluted Shares Outstanding 212.5M shares 216.1M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.0M $130.0M
YoY Change -16.15% -25.71%
Cash & Equivalents $109.0M $130.5M
Short-Term Investments
Other Short-Term Assets $513.0M $264.0M
YoY Change 94.32% -25.63%
Inventory $121.9M $109.1M
Prepaid Expenses
Receivables $356.0M $264.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.100B $767.6M
YoY Change 43.28% -10.52%
LONG-TERM ASSETS
Property, Plant & Equipment $21.43B $19.80B
YoY Change 8.24% -1.92%
Goodwill $288.4M $288.5M
YoY Change -0.02% 0.03%
Intangibles
YoY Change
Long-Term Investments $537.0M $536.0M
YoY Change 0.19% 4.08%
Other Assets $1.239B $1.170B
YoY Change 5.94% 2.65%
Total Long-Term Assets $22.96B $21.26B
YoY Change 8.0% -1.65%
TOTAL ASSETS
Total Short-Term Assets $1.100B $767.6M
Total Long-Term Assets $22.96B $21.26B
Total Assets $24.06B $22.02B
YoY Change 9.23% -1.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $418.6M $376.5M
YoY Change 11.18% 17.8%
Accrued Expenses $751.6M $655.5M
YoY Change 14.66% 18.9%
Deferred Revenue $3.049B
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.098B $1.475B
YoY Change -25.56% 64.8%
Total Short-Term Liabilities $5.502B $5.286B
YoY Change 4.09% 20.86%
LONG-TERM LIABILITIES
Long-Term Debt $7.122B $6.192B
YoY Change 15.02% -32.35%
Other Long-Term Liabilities $439.5M $576.0M
YoY Change -23.69% -27.88%
Total Long-Term Liabilities $439.5M $576.0M
YoY Change -23.69% -27.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.502B $5.286B
Total Long-Term Liabilities $439.5M $576.0M
Total Liabilities $5.942B $5.862B
YoY Change 1.36% 13.33%
SHAREHOLDERS EQUITY
Retained Earnings $9.430B $8.238B
YoY Change 14.47% 15.83%
Common Stock $3.400B $3.360B
YoY Change 1.2% 1.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.791B $1.153B
YoY Change 55.28% 4.52%
Treasury Stock Shares 25.29M shares 20.02M shares
Shareholders Equity $10.77B $9.683B
YoY Change
Total Liabilities & Shareholders Equity $24.06B $22.02B
YoY Change 9.23% -1.99%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $466.3M $369.5M
YoY Change 26.19% 60.73%
Depreciation, Depletion And Amortization $253.4M $235.0M
YoY Change 7.83% 6.05%
Cash From Operating Activities $1.007B $862.8M
YoY Change 16.77% 8.8%
INVESTING ACTIVITIES
Capital Expenditures -$492.7M -$148.7M
YoY Change 231.34% -91.73%
Acquisitions
YoY Change
Other Investing Activities -$3.200M $32.80M
YoY Change -109.76% -118.39%
Cash From Investing Activities -$495.9M -$115.9M
YoY Change 327.87% -94.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -497.9M -725.1M
YoY Change -31.33% -158.13%
NET CHANGE
Cash From Operating Activities 1.007B 862.8M
Cash From Investing Activities -495.9M -115.9M
Cash From Financing Activities -497.9M -725.1M
Net Change In Cash 13.70M 21.80M
YoY Change -37.16% -66.2%
FREE CASH FLOW
Cash From Operating Activities $1.007B $862.8M
Capital Expenditures -$492.7M -$148.7M
Free Cash Flow $1.500B $1.012B
YoY Change 48.31% -60.95%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Change in Accounting Principle - Stock-based Compensation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2018, we elected to change our accounting policy for recognizing stock-based compensation expense from the graded attribution method to the straight-line attribution method for time-based stock awards. The adoption of the straight-line attribution method for time-based stock awards represents a change in accounting principle which we believe to be preferable because it is the predominant method used in our industry. A change in accounting principle requires retrospective application, if material. The impact of the adoption of the straight-line attribution method to our time-based awards was immaterial to prior periods and is expected to be immaterial for our fiscal year ended December 31, 2018. As a result, we have accounted for this change in accounting principle in our consolidated results for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">. The effect of this change was an increase to net income of </font><font style="font-family:inherit;font-size:10pt;">$9.2 million</font><font style="font-family:inherit;font-size:10pt;">, or </font><font style="font-family:inherit;font-size:10pt;">$0.04</font><font style="font-family:inherit;font-size:10pt;"> per share for each of basic and diluted earnings per share, for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">, which is reported within </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Marketing, selling and administrative expenses</font><font style="font-family:inherit;font-size:10pt;"> in our consolidated statements of comprehensive income (loss) for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

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