2015 Q1 Form 10-Q Financial Statement

#000110465915005719 Filed on January 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2013 Q4
Revenue $3.696B $3.528B
YoY Change 8.51% -3.82%
Cost Of Revenue $2.669B $2.541B
YoY Change 9.07% -5.04%
Gross Profit $1.027B $987.0M
YoY Change 7.09% -0.5%
Gross Profit Margin 27.79% 27.98%
Selling, General & Admin $218.0M $190.0M
YoY Change 14.74% 36.69%
% of Gross Profit 21.23% 19.25%
Research & Development $341.0M $312.0M
YoY Change 14.81% 12.64%
% of Gross Profit 33.2% 31.61%
Depreciation & Amortization $208.0M $229.0M
YoY Change -1.42% 5.05%
% of Gross Profit 20.25% 23.2%
Operating Expenses $559.0M $502.0M
YoY Change 14.78% 20.67%
Operating Profit $1.053B $444.0M
YoY Change 137.16% -20.0%
Interest Expense $50.00M $49.00M
YoY Change -3.85% -10.91%
% of Operating Profit 4.75% 11.04%
Other Income/Expense, Net $73.00M -$2.000M
YoY Change -235.19% -96.43%
Pretax Income $1.126B $442.0M
YoY Change 188.72% -11.42%
Income Tax $193.0M $14.00M
% Of Pretax Income 17.14% 3.17%
Net Earnings $933.0M $428.0M
YoY Change 136.2% -13.01%
Net Earnings / Revenue 25.24% 12.13%
Basic Earnings Per Share $2.84 $1.27
Diluted Earnings Per Share $2.78 $1.24
COMMON SHARES
Basic Shares Outstanding 328.0M shares 336.0M shares
Diluted Shares Outstanding 336.0M shares 346.0M shares

Balance Sheet

Concept 2015 Q1 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.302B $2.339B
YoY Change 43.19% 24.95%
Cash & Equivalents $3.296B $2.293B
Short-Term Investments $6.000M $46.00M
Other Short-Term Assets $245.0M $267.0M
YoY Change -0.41% -45.17%
Inventory $1.129B $948.0M
Prepaid Expenses
Receivables $1.829B $1.615B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.632B $5.289B
YoY Change 28.75% 5.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.155B $2.128B
YoY Change 4.36% -4.49%
Goodwill $872.0M $477.0M
YoY Change 82.81% 0.21%
Intangibles $449.0M $329.0M
YoY Change 47.7% -31.46%
Long-Term Investments
YoY Change
Other Assets $208.0M $202.0M
YoY Change 6.67% 53.03%
Total Long-Term Assets $4.182B $3.601B
YoY Change 19.21% -3.33%
TOTAL ASSETS
Total Short-Term Assets $6.632B $5.289B
Total Long-Term Assets $4.182B $3.601B
Total Assets $10.81B $8.890B
YoY Change 24.89% 1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.736B $1.577B
YoY Change 29.07% -6.41%
Accrued Expenses $658.0M $455.0M
YoY Change 45.25% -3.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $2.819B $2.457B
YoY Change 30.39% -7.04%
LONG-TERM LIABILITIES
Long-Term Debt $3.932B $3.572B
YoY Change 11.9% 26.89%
Other Long-Term Liabilities $186.0M $122.0M
YoY Change 53.72% -12.86%
Total Long-Term Liabilities $186.0M $122.0M
YoY Change 53.72% -95.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.819B $2.457B
Total Long-Term Liabilities $186.0M $122.0M
Total Liabilities $7.099B $6.395B
YoY Change 17.9% 9.94%
SHAREHOLDERS EQUITY
Retained Earnings -$1.881B -$2.902B
YoY Change -33.56% 28.35%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.715B $2.495B
YoY Change
Total Liabilities & Shareholders Equity $10.81B $8.890B
YoY Change 24.89% 1.69%

Cashflow Statement

Concept 2015 Q1 2013 Q4
OPERATING ACTIVITIES
Net Income $933.0M $428.0M
YoY Change 136.2% -13.01%
Depreciation, Depletion And Amortization $208.0M $229.0M
YoY Change -1.42% 5.05%
Cash From Operating Activities $1.443B $856.0M
YoY Change 225.73% 1.42%
INVESTING ACTIVITIES
Capital Expenditures -$215.0M -$143.0M
YoY Change 73.39% -12.8%
Acquisitions
YoY Change
Other Investing Activities -$19.00M $506.0M
YoY Change 1800.0% -2208.33%
Cash From Investing Activities -$234.0M $363.0M
YoY Change 87.2% -293.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -98.00M -850.0M
YoY Change -72.08% -27.23%
NET CHANGE
Cash From Operating Activities 1.443B 856.0M
Cash From Investing Activities -234.0M 363.0M
Cash From Financing Activities -98.00M -850.0M
Net Change In Cash 1.111B 369.0M
YoY Change -3466.67% -172.07%
FREE CASH FLOW
Cash From Operating Activities $1.443B $856.0M
Capital Expenditures -$215.0M -$143.0M
Free Cash Flow $1.658B $999.0M
YoY Change 192.42% -0.89%

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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
119000000 USD
CY2015Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
46000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
100000000 USD
CY2013Q4 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-5000000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
3000000 USD
CY2015Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
15000000 USD
CY2013Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
48000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
96000000 USD
CY2015Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
40000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
80000000 USD
CY2013Q4 us-gaap Profit Loss
ProfitLoss
428000000 USD
us-gaap Profit Loss
ProfitLoss
855000000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
933000000 USD
us-gaap Profit Loss
ProfitLoss
1314000000 USD
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8979000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9263000000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2136000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2155000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
0 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
535000000 USD
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
312000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
606000000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
341000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
683000000 USD
CY2014Q2 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
4000000 USD
CY2015Q1 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
4000000 USD
CY2013Q4 us-gaap Restructuring Charges
RestructuringCharges
16000000 USD
us-gaap Restructuring Charges
RestructuringCharges
18000000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
3000000 USD
us-gaap Restructuring Charges
RestructuringCharges
10000000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2677000000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1881000000 USD
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
3528000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
7017000000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
3696000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
7481000000 USD
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
190000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
434000000 USD
CY2013Q4 us-gaap Share Based Compensation
ShareBasedCompensation
30000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
57000000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
31000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
73000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
49000000 USD
CY2015Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1300000000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3000000 shares
CY2015Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
300000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3000000 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
183000000 USD
CY2015Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
18000000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
201000000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
2832000000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
3715000000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2832000000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3715000000 USD
CY2013Q4 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
4000000 USD
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
6000000 USD
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
181000000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
45000000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
5000000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
2000000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-42000000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4000000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
73000000 USD
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
346000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
357000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
336000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
336000000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
336000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
347000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
328000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
327000000 shares

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