2018 Q4 Form 10-K Financial Statement

#000088324118000012 Filed on December 17, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2016 Q4
Revenue $795.1M $696.6M $633.7M
YoY Change 14.14% 9.92% 7.93%
Cost Of Revenue $190.6M $166.9M $142.2M
YoY Change 14.2% 17.37% 1.72%
Gross Profit $604.5M $529.8M $491.5M
YoY Change 14.1% 7.79% 9.88%
Gross Profit Margin 76.03% 76.06% 77.56%
Selling, General & Admin $230.4M $180.2M $173.7M
YoY Change 27.86% 3.74% -0.46%
% of Gross Profit 38.11% 34.01% 35.34%
Research & Development $290.9M $244.5M $222.0M
YoY Change 18.98% 10.14% 6.58%
% of Gross Profit 48.12% 46.15% 45.17%
Depreciation & Amortization $59.00M $45.30M $49.20M
YoY Change 30.24% -7.93% -14.14%
% of Gross Profit 9.76% 8.55% 10.01%
Operating Expenses $532.0M $432.5M $402.2M
YoY Change 23.01% 7.53% 3.18%
Operating Profit $72.50M $97.30M $89.31M
YoY Change -25.49% 8.95% 55.28%
Interest Expense $1.400M $800.0K $600.0K
YoY Change 75.0% 33.33% -25.0%
% of Operating Profit 1.93% 0.82% 0.67%
Other Income/Expense, Net -$700.0K $100.0K $1.100M
YoY Change -800.0% -90.91% 22.22%
Pretax Income $52.20M $99.90M $82.75M
YoY Change -47.75% 20.72% 47.99%
Income Tax -$197.1M $220.0M $10.10M
% Of Pretax Income -377.59% 220.22% 12.21%
Net Earnings $254.3M -$120.1M $72.70M
YoY Change -311.74% -265.21% 46.09%
Net Earnings / Revenue 31.98% -17.24% 11.47%
Basic Earnings Per Share $0.48
Diluted Earnings Per Share $1.649M -$798.5K $0.47
COMMON SHARES
Basic Shares Outstanding 149.5M shares 148.7M shares 150.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $723.1M $1.048B $1.117B
YoY Change -31.03% -6.17% 15.79%
Cash & Equivalents $723.1M $1.048B $976.6M
Short-Term Investments $0.00 $140.7M
Other Short-Term Assets $67.50M $134.8M $104.7M
YoY Change -49.93% 28.75% 46.43%
Inventory $122.4M $61.88M
Prepaid Expenses
Receivables $554.2M $451.1M $438.9M
Other Receivables $76.50M $48.30M $56.10M
Total Short-Term Assets $1.544B $1.683B $1.717B
YoY Change -8.25% -2.0% 16.89%
LONG-TERM ASSETS
Property, Plant & Equipment $309.3M $266.0M $257.0M
YoY Change 16.28% 3.49% -2.3%
Goodwill $3.143B $2.707B $2.518B
YoY Change 16.12% 7.49% 1.9%
Intangibles $360.4M $253.8M $266.7M
YoY Change 41.98% -4.81% -26.67%
Long-Term Investments
YoY Change
Other Assets $246.7M $222.8M $185.6M
YoY Change 10.72% 20.09% -0.4%
Total Long-Term Assets $4.602B $3.714B $3.523B
YoY Change 23.92% 5.4% -1.5%
TOTAL ASSETS
Total Short-Term Assets $1.544B $1.683B $1.717B
Total Long-Term Assets $4.602B $3.714B $3.523B
Total Assets $6.146B $5.396B $5.240B
YoY Change 13.89% 2.98% 3.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.05M $19.95M $13.75M
YoY Change 326.21% 45.17% 38.57%
Accrued Expenses $470.3M $477.3M $367.7M
YoY Change -1.47% 29.81% 0.66%
Deferred Revenue $1.153B
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $343.8M $9.900M $205.0M
YoY Change 3372.73% -95.17% 0.0%
Total Short-Term Liabilities $2.102B $1.614B $1.715B
YoY Change 30.25% -5.88% 8.65%
LONG-TERM LIABILITIES
Long-Term Debt $125.5M $134.1M $0.00
YoY Change -6.36%
Other Long-Term Liabilities $265.6M $252.0M $210.9M
YoY Change 5.37% 19.53% 4.37%
Total Long-Term Liabilities $391.1M $386.1M $210.9M
YoY Change 1.3% 83.11% 4.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.102B $1.614B $1.715B
Total Long-Term Liabilities $391.1M $386.1M $210.9M
Total Liabilities $2.661B $2.117B $2.045B
YoY Change 25.71% 3.49% 6.98%
SHAREHOLDERS EQUITY
Retained Earnings $2.544B $2.144B $1.948B
YoY Change 18.65% 10.08% 12.86%
Common Stock $1.493M $1.505M $1.515M
YoY Change -0.8% -0.66% -2.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $597.7M $426.2M $294.1M
YoY Change 40.23% 44.94% 198.91%
Treasury Stock Shares 7.996M shares 6.817M shares 5.811M shares
Shareholders Equity $3.479B $3.276B $3.195B
YoY Change
Total Liabilities & Shareholders Equity $6.146B $5.396B $5.240B
YoY Change 13.89% 2.98% 3.86%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $254.3M -$120.1M $72.70M
YoY Change -311.74% -265.21% 46.09%
Depreciation, Depletion And Amortization $59.00M $45.30M $49.20M
YoY Change 30.24% -7.93% -14.14%
Cash From Operating Activities $130.9M $182.8M $147.6M
YoY Change -28.39% 23.85% -3.21%
INVESTING ACTIVITIES
Capital Expenditures -$34.70M -$91.80M -$19.80M
YoY Change -62.2% 363.64% -91.52%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $147.5M $2.800M
YoY Change -102.03% 5167.86% -62.67%
Cash From Investing Activities -$37.60M $55.70M -$17.10M
YoY Change -167.5% -425.73% -92.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -104.2M -347.2M -101.3M
YoY Change -69.99% 242.74% 34.17%
NET CHANGE
Cash From Operating Activities 130.9M 182.8M 147.6M
Cash From Investing Activities -37.60M 55.70M -17.10M
Cash From Financing Activities -104.2M -347.2M -101.3M
Net Change In Cash -10.90M -108.7M 29.20M
YoY Change -89.97% -472.26% -119.61%
FREE CASH FLOW
Cash From Operating Activities $130.9M $182.8M $147.6M
Capital Expenditures -$34.70M -$91.80M -$19.80M
Free Cash Flow $165.6M $274.6M $167.4M
YoY Change -39.69% 64.04% -56.62%

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45700000 USD
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P2Y4M24D
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0 USD
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329548000 USD
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383098000 USD
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363543000 USD
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3200000 USD
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12600000 USD
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9400000 USD
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78192000 USD
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51075000 USD
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115343000 USD
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134084000 USD
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85142000 USD
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5709000 USD
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4811000 USD
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1832000 USD
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4264000 USD
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166152000 USD
CY2018 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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36979000 USD
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24365000 USD
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35142000 USD
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-7057000 USD
CY2018 us-gaap Income Tax Reconciliation Tax Settlements
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CY2017 us-gaap Income Taxes Paid
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252522000 USD
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18977000 USD
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-16644000 USD
CY2018 us-gaap Increase Decrease In Deferred Revenue
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CY2016 us-gaap Increase Decrease In Income Taxes
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7098000 USD
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19665000 USD
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32072000 USD
CY2017 us-gaap Increase Decrease In Inventories
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20137000 USD
CY2018 us-gaap Increase Decrease In Inventories
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66509000 USD
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3770000 USD
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5569000 USD
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8818000 USD
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2704000 shares
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4357000 shares
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3715000 USD
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7241000 USD
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122407000 USD
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20414000 USD
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18849000 USD
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63900000 USD
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68100000 USD
CY2018 us-gaap Lease And Rental Expense
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75700000 USD
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153619000 USD
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P10Y
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2116690000 USD
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1614109000 USD
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2102415000 USD
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26000000 USD
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125535000 USD
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4104000 USD
CY2018 us-gaap Minority Interest Period Increase Decrease
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1759000 USD
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-373120000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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5138000 USD
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-142675000 USD
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35535000 USD
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3318000 USD
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1 Segment
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1 Segment
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1 Segment
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1562175000 USD
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1723133000 USD
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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47000 USD
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0 USD
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10888000 USD
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6253000 USD
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168000 USD
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20928000 USD
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20760000 USD
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4372000 USD
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4675000 USD
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31614000 USD
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2637000 USD
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65000000 USD
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400000000 USD
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380000000 USD
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400000000 USD
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0 USD
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20000000 USD
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26562000 USD
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36730000 USD
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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45772000 USD
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60056000 USD
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259202000 USD
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652643000 USD
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1002000 USD
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0 USD
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3561000 USD
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4131000 USD
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3226000 USD
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2950000 USD
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66909000 USD
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70328000 USD
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98976000 USD
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168712000 USD
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155098000 USD
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0 USD
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0.01
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0.01
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2000000 shares
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0 shares
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0 shares
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20157000 USD
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138312000 USD
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185000000 USD
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320000000 USD
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1759000 USD
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295633000 USD
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12449000 USD
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1785000 USD
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839000 USD
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494000 USD
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0 USD
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0 USD
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1662000 USD
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125283000 USD
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126337000 USD
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123829000 USD
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838049000 USD
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935988000 USD
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266014000 USD
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309310000 USD
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2 Building
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950000 USD
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2149000 USD
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3368000 USD
CY2016 us-gaap Repayments Of Debt
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185000000 USD
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380625000 USD
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295313000 USD
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908841000 USD
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1084822000 USD
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36586000 USD
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12945000 USD
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2143873000 USD
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2543688000 USD
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2422532000 USD
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2724880000 USD
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3121058000 USD
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89.56
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502368000 USD
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549248000 USD
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622978000 USD
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97583000 USD
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108294000 USD
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140032000 USD
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51408000 USD
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67089000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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71840000 USD
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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30.06
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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34.56
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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38.18
CY2016 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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1600000 shares
CY2017 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1600000 shares
CY2018 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1200000 shares
CY2016 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
4803000 shares
CY2017 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
4404000 shares
CY2018 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
3508000 shares
CY2016 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
98668000 USD
CY2017 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
90530000 USD
CY2018 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
79629000 USD
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000.0 USD
CY2018Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000 USD
CY2018Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
325000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3275620000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
3479152000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3133989000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3195146000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3279724000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3485015000 USD
CY2016 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
49.37
CY2017 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
70.21
CY2018 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
89.59
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
6817000 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
7996000 shares
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
8506000 shares
CY2017 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5413000 shares
CY2018 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4688000 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
426208000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
597682000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
400000000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
380000000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
420000000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
63080000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
64067000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
106542000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
91637000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
131019000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
49456000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
27615000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
784000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
175000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
31007000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
67961000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3117000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
2572000 USD
CY2018 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
39300000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2635000 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
8828000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
88500000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
120900000 USD
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
79500000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154721000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154874000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
153393000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152017000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150457000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149036000 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Concentration of Credit Risk</font><font style="font-family:Arial;font-size:10pt;">. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, marketable securities, foreign currency contracts, and accounts receivable from trade customers. The Company maintains cash equivalents primarily in highly rated taxable and tax-exempt money market funds located in the U.S. and in various overseas locations.</font></div><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company sells its products worldwide primarily to customers in the global electronics market. The Company performs on-going credit evaluations of its customers&#8217; financial condition and does not require collateral. The Company establishes reserves for potential credit losses and such losses have been within management&#8217;s expectations and have not been material in any year presented.</font></div></div>
CY2018 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Fiscal Year End.</font><font style="font-family:Arial;font-size:10pt;"> The Company&#8217;s fiscal year ends on the Saturday nearest to October&#160;31 and consists of 52 weeks, with the exception that approximately every five years, the Company has a 53-week year. Fiscal </font><font style="font-family:Arial;font-size:10pt;">2018</font><font style="font-family:Arial;font-size:10pt;"> was a 53-week year and ended on November 3, 2018. Fiscal </font><font style="font-family:Arial;font-size:10pt;">2017</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">2016</font><font style="font-family:Arial;font-size:10pt;"> were 52-week years ending on October 28, 2017 and October 29, 2016, respectively. For presentation purposes, the consolidated financial statements and accompanying notes refer to the closest calendar month end. Fiscal 2019 will be a 52-week year.</font></div></div>
CY2018 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Warranties and Indemnities.</font><font style="font-family:Arial;font-size:10pt;"> The Company generally warrants its products to be free from defects in media and to substantially conform to material specifications for a period of </font><font style="font-family:Arial;font-size:10pt;">90</font><font style="font-family:Arial;font-size:10pt;">&#160;days for software products and for up to </font><font style="font-family:Arial;font-size:10pt;">six</font><font style="font-family:Arial;font-size:10pt;"> months for hardware systems. In certain cases, the Company also provides its customers with limited indemnification with respect to claims that their use of the Company&#8217;s software products infringes on United States patents, copyrights, trademarks or trade secrets. The Company is unable to estimate the potential impact of these commitments on the future results of operations. To date, the Company has not been required to pay any material warranty claims.</font></div></div>
CY2018 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Synopsys, Inc. (Synopsys or the Company) provides products and services used by designers across the entire silicon to software spectrum, from engineers creating advanced semiconductors to software developers seeking to ensure the security and quality of their code. The Company is a global leader in supplying the electronic design automation (EDA) software that engineers use to design and test integrated circuits (ICs), also known as chips. The Company also offers semiconductor intellectual property (IP) products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves. The Company provides software and hardware used to validate the electronic systems that incorporate chips and the software that runs on them. To complement these offerings, the Company provides technical services and support to help its customers develop advanced chips and electronic systems. The Company is also a leading provider of software tools and services that improve the security and quality of software code in a wide variety of industries, including electronics, financial services, media, automotive, medicine, energy and industrials.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Use of Estimates.</font><font style="font-family:Arial;font-size:10pt;"> To prepare financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP), management must make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates and may result in material effects on the Company&#8217;s operating results and financial position.</font></div></div>

Files In Submission

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