2016 Q4 Form 10-Q Financial Statement

#000035089416000134 Filed on October 21, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $368.8M $354.6M $335.6M
YoY Change 9.96% 5.67% 4.22%
Cost Of Revenue $78.80M $72.00M $77.20M
YoY Change 7.07% -6.74% 10.92%
Gross Profit $290.0M $113.2M $99.87M
YoY Change 10.77% 13.3% -3.49%
Gross Profit Margin 78.63% 31.91% 29.76%
Selling, General & Admin $173.2M $167.4M $154.5M
YoY Change 6.52% 8.35% 5.39%
% of Gross Profit 59.72% 147.93% 154.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.60M $6.576M $6.108M
YoY Change 10.06% 7.66% 9.48%
% of Gross Profit 6.41% 5.81% 6.12%
Operating Expenses $191.9M $185.4M $171.4M
YoY Change 6.85% 8.17% 5.87%
Operating Profit $98.10M $97.22M $87.02M
YoY Change 19.34% 11.72% -3.85%
Interest Expense $34.90M $115.0K $115.0K
YoY Change 6.08% 0.0% 0.0%
% of Operating Profit 35.58% 0.12% 0.13%
Other Income/Expense, Net
YoY Change
Pretax Income $133.1M $130.9M $120.6M
YoY Change 15.62% 8.54% -6.24%
Income Tax $44.40M $44.19M $41.16M
% Of Pretax Income 33.37% 33.76% 34.14%
Net Earnings $88.61M $86.70M $79.43M
YoY Change 8.89% 9.16% -5.43%
Net Earnings / Revenue 24.03% 24.45% 23.67%
Basic Earnings Per Share $0.55 $0.54 $0.48
Diluted Earnings Per Share $0.55 $0.53 $0.47
COMMON SHARES
Basic Shares Outstanding 160.0M shares 161.3M shares 165.9M shares
Diluted Shares Outstanding 163.9M shares 169.3M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $717.0M $644.5M $668.8M
YoY Change 2.3% -3.63% 11.63%
Cash & Equivalents $695.7M $623.2M $647.6M
Short-Term Investments $21.30M $21.30M $21.20M
Other Short-Term Assets $27.58M $30.28M $29.21M
YoY Change 5.22% 3.67% 38.89%
Inventory
Prepaid Expenses
Receivables $278.9M $282.0M $259.2M
Other Receivables $10.80M $14.50M $4.300M
Total Short-Term Assets $1.038B $976.8M $967.8M
YoY Change 3.4% 0.92% 9.56%
LONG-TERM ASSETS
Property, Plant & Equipment $146.2M $149.3M $142.4M
YoY Change 1.54% 4.85% 10.54%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $139.4M $137.4M $121.9M
YoY Change 3.34% 12.72% -18.68%
Other Assets $15.46M $16.06M $17.08M
YoY Change -0.23% -5.96% 27.38%
Total Long-Term Assets $599.0M $596.8M $575.7M
YoY Change 2.41% 3.66% -4.43%
TOTAL ASSETS
Total Short-Term Assets $1.038B $976.8M $967.8M
Total Long-Term Assets $599.0M $596.8M $575.7M
Total Assets $1.637B $1.574B $1.544B
YoY Change 3.03% 1.95% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.966M $7.008M $4.002M
YoY Change 32.25% 75.11% -38.54%
Accrued Expenses $240.5M $170.8M $153.3M
YoY Change 10.54% 11.4% 2.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $249.4M $180.7M $161.9M
YoY Change 11.09% 11.62% 2.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $14.10M $12.30M
YoY Change -100.0% 14.63% 8.85%
Total Long-Term Liabilities $0.00 $14.10M $12.30M
YoY Change -100.0% 14.63% 8.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $249.4M $180.7M $161.9M
Total Long-Term Liabilities $0.00 $14.10M $12.30M
Total Liabilities $333.7M $260.4M $233.8M
YoY Change 11.64% 11.38% -3.06%
SHAREHOLDERS EQUITY
Retained Earnings $384.0M $400.8M $435.9M
YoY Change -4.68% -8.06% -1.1%
Common Stock $957.1M $943.0M $894.2M
YoY Change 4.92% 5.45% 10.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.303B $1.313B $1.310B
YoY Change
Total Liabilities & Shareholders Equity $1.637B $1.574B $1.544B
YoY Change 3.03% 1.95% 3.89%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $88.61M $86.70M $79.43M
YoY Change 8.89% 9.16% -5.43%
Depreciation, Depletion And Amortization $18.60M $6.576M $6.108M
YoY Change 10.06% 7.66% 9.48%
Cash From Operating Activities $144.8M $125.9M $117.7M
YoY Change 23.76% 6.97% 18.77%
INVESTING ACTIVITIES
Capital Expenditures -$21.90M -$31.30M -$26.40M
YoY Change 39.49% 18.56% 68.15%
Acquisitions
YoY Change
Other Investing Activities $7.400M -$3.900M $3.600M
YoY Change -237.04% -208.33% 5.88%
Cash From Investing Activities -$14.50M -$35.10M -$22.80M
YoY Change -31.28% 53.95% 85.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -54.40M -60.30M -66.90M
YoY Change -9.78% -9.87% 67.67%
NET CHANGE
Cash From Operating Activities 144.8M 125.9M 117.7M
Cash From Investing Activities -14.50M -35.10M -22.80M
Cash From Financing Activities -54.40M -60.30M -66.90M
Net Change In Cash 75.90M 30.50M 28.00M
YoY Change 113.2% 8.93% -40.3%
FREE CASH FLOW
Cash From Operating Activities $144.8M $125.9M $117.7M
Capital Expenditures -$21.90M -$31.30M -$26.40M
Free Cash Flow $166.7M $157.2M $144.1M
YoY Change 25.62% 9.09% 25.52%

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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1313210000 USD
CY2015Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
154919000 USD
CY2016Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
179494000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15908000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1391000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
17439000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1411000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
12898000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
14054000 USD
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3676000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3835000 shares
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3009000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3145000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
169255000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
169977000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163925000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165053000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
165579000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
166142000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
160916000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
161908000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The updated standard permits the use of either the retrospective or cumulative effect transition method. ASU 2014-09 currently becomes effective for the Company during the first quarter 2018. The Company is currently evaluating the transition method that will be elected and the effect that the updated standard will have on its consolidated financial statements and related disclosures. </font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08), that amends the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. ASU 2016-08 also provides additional guidance about how to apply the control principle when services are provided and when goods or services are combined with other goods or services. The effective date of the standard for the Company will coincide with ASU 2014-09 during the first quarter 2018. The Company is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2016, the FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing (ASU 2016-10) that amends the revenue guidance in ASU 2014-09 on identifying performance obligations and accounting for licenses of intellectual property. ASU 2016-10 changed the FASB's previous proposals on renewals of right-to-use licenses and contractual restrictions. The effective date of the standard for the Company will coincide with ASU 2014-09 during the first quarter 2018. The Company is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01) that will significantly change the income statement impact of equity investments held by an entity, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. ASU 2016-01 becomes effective for the Company during the first quarter 2018. The Company is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, Leases (ASU 2016-02) requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The updated standard is effective for the Company beginning in the first quarter of 2019. Early adoption is permitted. The Company is currently evaluating the transition method that will be elected and the effect that the updated standard will have on its consolidated financial statements and related disclosures. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) requiring an entity to record all excess tax benefits and tax deficiencies as an income tax benefit or expense in the income statement. ASU 2016-09 will also require an entity to elect an accounting policy to either estimate the number of forfeitures or account for forfeitures when they occur. ASU 2016-09 becomes effective for the Company during the first quarter 2017. The Company is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. </font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform to current year presentation.</font></div></div>

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