2018 Q4 Form 10-Q Financial Statement

#000089772319000013 Filed on February 07, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $2.188B $1.745B
YoY Change 25.4% 1.44%
Cost Of Revenue $2.039B $1.635B
YoY Change 24.66% 2.99%
Gross Profit $149.3M $109.5M
YoY Change 36.42% -17.17%
Gross Profit Margin 6.83% 6.27%
Selling, General & Admin $63.03M $63.60M
YoY Change -0.9% -2.36%
% of Gross Profit 42.21% 58.1%
Research & Development $6.437M $7.615M
YoY Change -15.47% -6.8%
% of Gross Profit 4.31% 6.96%
Depreciation & Amortization $29.79M $29.62M
YoY Change 0.57% 2.25%
% of Gross Profit 19.95% 27.06%
Operating Expenses $71.79M $95.68M
YoY Change -24.96% 30.16%
Operating Profit $77.54M $13.79M
YoY Change 462.39% -76.49%
Interest Expense $8.271M $6.214M
YoY Change 33.1% 17.98%
% of Operating Profit 10.67% 45.07%
Other Income/Expense, Net -$14.07M -$2.699M
YoY Change 421.34% -29.14%
Pretax Income $63.47M $11.09M
YoY Change 472.39% -79.78%
Income Tax $26.00M $166.0M
% Of Pretax Income 40.96% 1496.97%
Net Earnings $37.95M -$154.9M
YoY Change -124.5% -445.29%
Net Earnings / Revenue 1.73% -8.88%
Basic Earnings Per Share $0.56 -$2.16
Diluted Earnings Per Share $0.54 -$2.16
COMMON SHARES
Basic Shares Outstanding 68.30M shares 71.61M shares
Diluted Shares Outstanding 70.90M shares 71.61M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $409.0M $405.0M
YoY Change 0.99% 1.76%
Cash & Equivalents $409.3M $404.9M
Short-Term Investments
Other Short-Term Assets $46.00M $46.00M
YoY Change 0.0% -19.3%
Inventory $1.054B $1.080B
Prepaid Expenses
Receivables $1.764B $1.122B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.274B $2.653B
YoY Change 23.41% 11.66%
LONG-TERM ASSETS
Property, Plant & Equipment $643.5M $635.0M
YoY Change 1.34% 2.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.63M $114.2M
YoY Change -33.79% -2.98%
Total Long-Term Assets $1.043B $1.106B
YoY Change -5.68% -11.5%
TOTAL ASSETS
Total Short-Term Assets $3.274B $2.653B
Total Long-Term Assets $1.043B $1.106B
Total Assets $4.317B $3.759B
YoY Change 14.85% 3.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.532B $1.260B
YoY Change 21.54% 12.42%
Accrued Expenses $333.0M $233.0M
YoY Change 42.92% -7.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $708.0M $169.0M
YoY Change 318.93% 289.26%
Total Short-Term Liabilities $2.573B $1.663B
YoY Change 54.76% 18.65%
LONG-TERM LIABILITIES
Long-Term Debt $14.36M $392.2M
YoY Change -96.34% -9.64%
Other Long-Term Liabilities $196.7M $202.1M
YoY Change -2.67% 12.24%
Total Long-Term Liabilities $211.1M $594.3M
YoY Change -64.48% -3.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.573B $1.663B
Total Long-Term Liabilities $211.1M $594.3M
Total Liabilities $2.784B $2.257B
YoY Change 23.36% 11.99%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.533B $1.502B
YoY Change
Total Liabilities & Shareholders Equity $4.317B $3.759B
YoY Change 14.85% 3.68%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $37.95M -$154.9M
YoY Change -124.5% -445.29%
Depreciation, Depletion And Amortization $29.79M $29.62M
YoY Change 0.57% 2.25%
Cash From Operating Activities -$78.44M $8.440M
YoY Change -1029.34% -84.35%
INVESTING ACTIVITIES
Capital Expenditures $37.17M $48.53M
YoY Change -23.42% 124.0%
Acquisitions
YoY Change
Other Investing Activities $600.0K $100.0K
YoY Change 500.0% -83.33%
Cash From Investing Activities -$36.59M -$48.39M
YoY Change -24.38% 167.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.84M $45.49M
YoY Change -73.97% 233.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $104.7M $38.04M
YoY Change 175.29% -225.79%
NET CHANGE
Cash From Operating Activities -$78.44M $8.440M
Cash From Investing Activities -$36.59M -$48.39M
Cash From Financing Activities $104.7M $38.04M
Net Change In Cash -$10.24M -$1.910M
YoY Change 436.02% -134.11%
FREE CASH FLOW
Cash From Operating Activities -$78.44M $8.440M
Capital Expenditures $37.17M $48.53M
Free Cash Flow -$115.6M -$40.09M
YoY Change 188.33% -224.28%

Facts In Submission

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CY2018Q3 us-gaap Other Notes Payable
OtherNotesPayable
17667000 USD
CY2018Q4 us-gaap Other Notes Payable
OtherNotesPayable
17723000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
77543000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
83669000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
75632000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-354000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-252000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
260000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
-290000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1525000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-2410000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
321000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
198000 USD
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1407000 USD
CY2018Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-6497000 USD
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
136427000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
215215000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
196048000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
196740000 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3230000 USD
CY2017Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
45485000 USD
CY2018Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11842000 USD
CY2017Q4 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2018Q4 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2003000 USD
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
48533000 USD
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37166000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
43676000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
46296000 USD
CY2017Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2526000 USD
CY2018Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3568000 USD
CY2017Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
899000000 USD
CY2018Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1043825000 USD
CY2017Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
142000 USD
CY2018Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
575000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
642913000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
643518000 USD
CY2017Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
818000000 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
24000000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
25000000 USD
CY2018Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
928825000 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7615000 USD
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6437000 USD
CY2017Q4 us-gaap Revenues
Revenues
1744800000 USD
CY2018Q4 us-gaap Revenues
Revenues
2188018000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
63603000 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
63028000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
8642000 USD
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
5816000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1627000 shares
CY2018Q4 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
24.40
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3303000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3732000 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
30.33
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
27.93
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y2M15D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y9M28D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2000000 shares
CY2017Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
304000 shares
CY2018Q4 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
176000 shares
CY2017Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2526000 USD
CY2018Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3568000 USD
CY2018Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
101000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
1647684000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1501588000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1472844000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1532617000 USD
CY2017Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
45485000 USD
CY2018Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11842000 USD
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2598000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71605000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70901000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71605000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68303000 shares
CY2018Q4 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 </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> are each 52-week years. All references to years relate to fiscal years unless otherwise noted.</font></div></div>
CY2018Q4 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 2019</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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