2017 Q4 Form 10-Q Financial Statement

#000089772318000005 Filed on February 02, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $1.745B $1.720B
YoY Change 1.44% 5.09%
Cost Of Revenue $1.635B $1.588B
YoY Change 2.99% 4.81%
Gross Profit $109.5M $132.2M
YoY Change -17.17% 8.6%
Gross Profit Margin 6.27% 7.68%
Selling, General & Admin $63.60M $65.14M
YoY Change -2.36% 3.23%
% of Gross Profit 58.1% 49.29%
Research & Development $7.615M $8.171M
YoY Change -6.8% -10.21%
% of Gross Profit 6.96% 6.18%
Depreciation & Amortization $29.62M $28.97M
YoY Change 2.25% 9.74%
% of Gross Profit 27.06% 21.92%
Operating Expenses $95.68M $73.51M
YoY Change 30.16% 0.42%
Operating Profit $13.79M $58.66M
YoY Change -76.49% 20.94%
Interest Expense $6.214M $5.267M
YoY Change 17.98% -203.27%
% of Operating Profit 45.07% 8.98%
Other Income/Expense, Net -$2.699M -$3.809M
YoY Change -29.14% -231.34%
Pretax Income $11.09M $54.85M
YoY Change -79.78% 17.45%
Income Tax $166.0M $10.00M
% Of Pretax Income 1496.97% 18.23%
Net Earnings -$154.9M $44.86M
YoY Change -445.29% -85.78%
Net Earnings / Revenue -8.88% 2.61%
Basic Earnings Per Share -$2.16 $0.61
Diluted Earnings Per Share -$2.16 $0.58
COMMON SHARES
Basic Shares Outstanding 71.61M shares 73.55M shares
Diluted Shares Outstanding 71.61M shares 77.18M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $405.0M $398.0M
YoY Change 1.76% -3.4%
Cash & Equivalents $404.9M $398.3M
Short-Term Investments
Other Short-Term Assets $46.00M $57.00M
YoY Change -19.3% 3.64%
Inventory $1.080B $946.2M
Prepaid Expenses
Receivables $1.122B $974.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.653B $2.376B
YoY Change 11.66% 2.27%
LONG-TERM ASSETS
Property, Plant & Equipment $635.0M $617.5M
YoY Change 2.83% 4.52%
Goodwill $59.13M
YoY Change 122.14%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $114.2M $117.7M
YoY Change -2.98% 43.87%
Total Long-Term Assets $1.106B $1.250B
YoY Change -11.5% 6.77%
TOTAL ASSETS
Total Short-Term Assets $2.653B $2.376B
Total Long-Term Assets $1.106B $1.250B
Total Assets $3.759B $3.625B
YoY Change 3.68% 3.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.260B $1.121B
YoY Change 12.42% 8.29%
Accrued Expenses $233.0M $252.0M
YoY Change -7.54% 8.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $169.0M $43.42M
YoY Change 289.26% -61.58%
Total Short-Term Liabilities $1.663B $1.401B
YoY Change 18.65% 1.5%
LONG-TERM LIABILITIES
Long-Term Debt $392.2M $434.1M
YoY Change -9.64% 2.38%
Other Long-Term Liabilities $202.1M $180.1M
YoY Change 12.24% 7.02%
Total Long-Term Liabilities $594.3M $614.2M
YoY Change -3.23% 3.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.663B $1.401B
Total Long-Term Liabilities $594.3M $614.2M
Total Liabilities $2.257B $2.015B
YoY Change 11.99% 2.16%
SHAREHOLDERS EQUITY
Retained Earnings -$4.119B
YoY Change -4.36%
Common Stock $6.120B
YoY Change 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $456.8M
YoY Change 45.22%
Treasury Stock Shares 25.11M shares
Shareholders Equity $1.502B $1.610B
YoY Change
Total Liabilities & Shareholders Equity $3.759B $3.625B
YoY Change 3.68% 3.78%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$154.9M $44.86M
YoY Change -445.29% -85.78%
Depreciation, Depletion And Amortization $29.62M $28.97M
YoY Change 2.25% 9.74%
Cash From Operating Activities $8.440M $53.93M
YoY Change -84.35% -4248.23%
INVESTING ACTIVITIES
Capital Expenditures $48.53M $21.67M
YoY Change 124.0% -150.51%
Acquisitions
YoY Change
Other Investing Activities $100.0K $600.0K
YoY Change -83.33% -62.5%
Cash From Investing Activities -$48.39M -$18.09M
YoY Change 167.58% -56.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $45.49M $13.62M
YoY Change 233.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $38.04M -$30.24M
YoY Change -225.79% -178.14%
NET CHANGE
Cash From Operating Activities $8.440M $53.93M
Cash From Investing Activities -$48.39M -$18.09M
Cash From Financing Activities $38.04M -$30.24M
Net Change In Cash -$1.910M $5.600M
YoY Change -134.11% -247.37%
FREE CASH FLOW
Cash From Operating Activities $8.440M $53.93M
Capital Expenditures $48.53M $21.67M
Free Cash Flow -$40.09M $32.26M
YoY Change -224.28% -22.45%

Facts In Submission

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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2169000 USD
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1407000 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
116582000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
121001000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
192189000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
202142000 USD
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1257000 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3230000 USD
CY2017Q3 us-gaap Other Notes Payable
OtherNotesPayable
19863000 USD
CY2017Q4 us-gaap Other Notes Payable
OtherNotesPayable
20611000 USD
CY2017Q3 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
3416000 USD
CY2017Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
3416000 USD
CY2016Q4 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
644000 USD
CY2017Q4 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-130000 USD
CY2016Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13623000 USD
CY2017Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
45485000 USD
CY2016Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21667000 USD
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
48533000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
47586000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
46345000 USD
CY2016Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
10643000 USD
CY2017Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2526000 USD
CY2016Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
208400000 USD
CY2017Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
899000000 USD
CY2016Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3582000 USD
CY2017Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
142000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
640275000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
635000000 USD
CY2016Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
233400000 USD
CY2017Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
818000000 USD
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8171000 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7615000 USD
CY2017Q4 us-gaap Restructuring And Related Activities Completion Date
RestructuringAndRelatedActivitiesCompletionDate
2019-12-28
CY2017Q4 us-gaap Restructuring And Related Activities Initiation Date
RestructuringAndRelatedActivitiesInitiationDate
2017-12-30
CY2017Q4 us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
2900
CY2016Q4 us-gaap Restructuring Charges
RestructuringCharges
728000 USD
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
23542000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1719977000 USD
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1744800000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
65140000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
63603000 USD
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
11977000 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
27.56
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
29.65
CY2017Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
34000000 USD
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3621000 shares
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
8642000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
694000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
35.86
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3359000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3354000 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y6M5D
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y8M7D
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2200000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3314000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.93
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
200000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
90327000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
62548000 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3568000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3534000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.83
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.30
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
62519000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3530000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
13.29
CY2017Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
38.45
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
62097000 USD
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y8M26D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y9M25D
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y22D
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y22D
CY2016Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
453000 shares
CY2017Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
304000 shares
CY2017Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
219000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
1647684000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1501588000 USD
CY2017Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1000000 shares
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77175000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71605000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73554000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71605000 shares
CY2017Q4 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates on a 52 or 53 week year ending on the Saturday nearest September&#160;30. Fiscal 2018 and 2017 are each 52-week years. All references to years relate to fiscal years unless otherwise noted.</font></div></div>
CY2017Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-align:left;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-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Results of operations for the </font><font style="font-family:inherit;font-size:10pt;">first quarter of 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.</font></div></div>

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