2019 Q1 Form 10-Q Financial Statement

#000153217619000017 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.373B $1.511B
YoY Change -9.19% 14.59%
Cost Of Revenue $172.1M $69.24M
YoY Change 148.54% 13.04%
Gross Profit $1.201B $1.442B
YoY Change -16.76% 14.67%
Gross Profit Margin 87.46% 95.42%
Selling, General & Admin $291.1M $330.8M
YoY Change -12.0% 11.44%
% of Gross Profit 24.25% 22.94%
Research & Development $486.1M $498.6M
YoY Change -2.51% -1.74%
% of Gross Profit 40.49% 34.57%
Depreciation & Amortization $51.00M $36.40M
YoY Change 40.11% -4.5%
% of Gross Profit 4.25% 2.52%
Operating Expenses $777.2M $829.4M
YoY Change -6.29% 3.12%
Operating Profit $480.0M $567.2M
YoY Change -15.37% 31.74%
Interest Expense $7.700M $6.400M
YoY Change 20.31% -14.68%
% of Operating Profit 1.6% 1.13%
Other Income/Expense, Net $66.10M $18.20M
YoY Change 263.19% 941.79%
Pretax Income $546.1M $585.4M
YoY Change -6.71% 35.42%
Income Tax $85.00M $107.4M
% Of Pretax Income 15.56% 18.35%
Net Earnings $461.1M $478.0M
YoY Change -3.54% 92.04%
Net Earnings / Revenue 33.59% 31.62%
Basic Earnings Per Share $4.23 $4.44
Diluted Earnings Per Share $3.99 $4.16
COMMON SHARES
Basic Shares Outstanding 108.9M shares 107.6M shares
Diluted Shares Outstanding 115.5M shares 114.9M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.232B $1.625B
YoY Change 98.89% 24.33%
Cash & Equivalents $1.709B $1.020B
Short-Term Investments $1.524B $605.0M
Other Short-Term Assets $546.0M $377.0M
YoY Change 44.83% 29.55%
Inventory $1.209B $820.4M
Prepaid Expenses
Receivables $1.728B $1.532B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.929B $4.545B
YoY Change 52.45% 23.86%
LONG-TERM ASSETS
Property, Plant & Equipment $2.613B $2.395B
YoY Change 9.11% 5.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.340B $1.822B
YoY Change 28.43% 88.22%
Other Assets $144.3M $78.98M
YoY Change 82.7% 112.97%
Total Long-Term Assets $5.926B $4.828B
YoY Change 22.75% 16.39%
TOTAL ASSETS
Total Short-Term Assets $6.929B $4.545B
Total Long-Term Assets $5.926B $4.828B
Total Assets $12.85B $9.373B
YoY Change 37.15% 19.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $240.0M $208.0M
YoY Change 15.38% 46.48%
Accrued Expenses $741.0M $666.0M
YoY Change 11.26% 42.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.511B $1.266B
YoY Change 19.41% -3.25%
LONG-TERM LIABILITIES
Long-Term Debt $710.0M $705.0M
YoY Change 0.71% 0.71%
Other Long-Term Liabilities $376.3M $169.9M
YoY Change 121.45% 59.93%
Total Long-Term Liabilities $376.3M $169.9M
YoY Change 121.45% 59.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.511B $1.266B
Total Long-Term Liabilities $376.3M $169.9M
Total Liabilities $3.410B $2.805B
YoY Change 21.57% -4.96%
SHAREHOLDERS EQUITY
Retained Earnings $5.725B $3.288B
YoY Change 74.13% 64.62%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $444.2M $316.2M
YoY Change 40.46% 0.0%
Treasury Stock Shares 4.047M shares 3.764M shares
Shareholders Equity $9.445B $6.568B
YoY Change
Total Liabilities & Shareholders Equity $12.85B $9.373B
YoY Change 37.15% 19.9%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $461.1M $478.0M
YoY Change -3.54% 92.04%
Depreciation, Depletion And Amortization $51.00M $36.40M
YoY Change 40.11% -4.5%
Cash From Operating Activities $897.0M $618.8M
YoY Change 44.96% 73.87%
INVESTING ACTIVITIES
Capital Expenditures -$74.30M -$79.40M
YoY Change -6.42% 57.23%
Acquisitions
YoY Change
Other Investing Activities -$701.8M -$346.0M
YoY Change 102.83% 285.73%
Cash From Investing Activities -$776.1M -$425.4M
YoY Change 82.44% 203.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$130.6M -$13.40M
YoY Change 874.63% -180.37%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $119.9M $13.40M
YoY Change 794.78% -77.96%
NET CHANGE
Cash From Operating Activities $897.0M $618.8M
Cash From Investing Activities -$776.1M -$425.4M
Cash From Financing Activities $119.9M $13.40M
Net Change In Cash $240.8M $206.8M
YoY Change 16.44% -25.23%
FREE CASH FLOW
Cash From Operating Activities $897.0M $618.8M
Capital Expenditures -$74.30M -$79.40M
Free Cash Flow $971.3M $698.2M
YoY Change 39.11% 71.8%

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CY2019Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Standards </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-13"). ASU 2016-13 requires an entity to measure and recognize expected credit losses for certain financial instruments, including trade receivables, as an allowance that reflects the entity's current estimate of credit losses expected to be incurred. For available-for-sale debt securities with unrealized losses, the standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. We are evaluating the impact that the new standard will have on our financial statements.</font></div></div>

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