2017 Q2 Form 10-Q Financial Statement

#000001691817000038 Filed on June 29, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $2.115B $2.053B
YoY Change 3.03% 14.18%
Cost Of Revenue $940.2M $990.5M
YoY Change -5.08% 10.77%
Gross Profit $988.3M $881.3M
YoY Change 12.14% 19.56%
Gross Profit Margin 46.72% 42.93%
Selling, General & Admin $427.2M $328.6M
YoY Change 30.01% 6.07%
% of Gross Profit 43.23% 37.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.50M $60.00M
YoY Change 19.17% 9.69%
% of Gross Profit 7.23% 6.81%
Operating Expenses $427.2M $328.6M
YoY Change 30.01% 6.07%
Operating Profit $561.1M $552.7M
YoY Change 1.52% 29.35%
Interest Expense $82.50M $85.00M
YoY Change -2.94% 9.25%
% of Operating Profit 14.7% 15.38%
Other Income/Expense, Net
YoY Change
Pretax Income $472.4M $468.8M
YoY Change 0.77% 33.64%
Income Tax $71.40M $149.7M
% Of Pretax Income 15.11% 31.93%
Net Earnings $398.5M $318.3M
YoY Change 25.2% 33.4%
Net Earnings / Revenue 18.84% 15.5%
Basic Earnings Per Share
Diluted Earnings Per Share $1.983M $1.550M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $199.0M $167.0M
YoY Change 19.16% 27.48%
Cash & Equivalents $199.1M $167.3M
Short-Term Investments
Other Short-Term Assets $393.0M $360.0M
YoY Change 9.17% -2.17%
Inventory $1.937B $1.919B
Prepaid Expenses
Receivables $832.0M $773.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.361B $3.219B
YoY Change 4.41% 8.03%
LONG-TERM ASSETS
Property, Plant & Equipment $4.187B $3.507B
YoY Change 19.38% 27.9%
Goodwill $7.972B $7.350B
YoY Change 8.46% 18.55%
Intangibles $3.290B $3.440B
YoY Change -4.38% 8.64%
Long-Term Investments $98.60M $82.40M
YoY Change 19.66% 11.8%
Other Assets $150.0M $113.7M
YoY Change 31.93% -28.45%
Total Long-Term Assets $15.60B $14.41B
YoY Change 8.24% 17.94%
TOTAL ASSETS
Total Short-Term Assets $3.361B $3.219B
Total Long-Term Assets $15.60B $14.41B
Total Assets $18.96B $17.63B
YoY Change 7.54% 16.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $558.8M $558.5M
YoY Change 0.05% 93.19%
Accrued Expenses $489.3M $461.0M
YoY Change 6.14% -5.14%
Deferred Revenue
YoY Change
Short-Term Debt $988.0M $30.00M
YoY Change 3193.33% -70.3%
Long-Term Debt Due $146.2M $1.588B
YoY Change -90.79% 789.52%
Total Short-Term Liabilities $2.182B $2.699B
YoY Change -19.13% 140.89%
LONG-TERM LIABILITIES
Long-Term Debt $8.077B $6.691B
YoY Change 20.72% -4.94%
Other Long-Term Liabilities $166.5M $159.9M
YoY Change 4.13% -9.61%
Total Long-Term Liabilities $8.244B $6.851B
YoY Change 20.34% -5.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.182B $2.699B
Total Long-Term Liabilities $8.244B $6.851B
Total Liabilities $11.56B $10.64B
YoY Change 8.65% 15.73%
SHAREHOLDERS EQUITY
Retained Earnings $7.612B $6.329B
YoY Change 20.27% 16.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.773B $1.662B
YoY Change 66.89% 1.38%
Treasury Stock Shares
Shareholders Equity $7.390B $6.848B
YoY Change
Total Liabilities & Shareholders Equity $18.96B $17.63B
YoY Change 7.54% 15.63%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $398.5M $318.3M
YoY Change 25.2% 33.4%
Depreciation, Depletion And Amortization $71.50M $60.00M
YoY Change 19.17% 9.69%
Cash From Operating Activities $381.6M $345.9M
YoY Change 10.32% 68.16%
INVESTING ACTIVITIES
Capital Expenditures $217.1M $169.4M
YoY Change 28.16% 30.61%
Acquisitions $0.00 $284.9M
YoY Change -100.0%
Other Investing Activities $4.200M -$400.0K
YoY Change -1150.0% -125.0%
Cash From Investing Activities -$221.3M -$453.9M
YoY Change -51.24% 245.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.000M
YoY Change -100.0%
Debt Paid & Issued, Net $1.913B $94.20M
YoY Change 1931.21% 18.64%
Cash From Financing Activities -141.6M 191.9M
YoY Change -173.79% -459.36%
NET CHANGE
Cash From Operating Activities 381.6M 345.9M
Cash From Investing Activities -221.3M -453.9M
Cash From Financing Activities -141.6M 191.9M
Net Change In Cash 18.70M 83.90M
YoY Change -77.71% 299.52%
FREE CASH FLOW
Cash From Operating Activities $381.6M $345.9M
Capital Expenditures $217.1M $169.4M
Free Cash Flow $164.5M $176.5M
YoY Change -6.8% 132.24%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ACCOUNTING GUIDANCE NOT YET ADOPTED:</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Revenue recognition &#8211;</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows:&#160;&#160;(i)&#160;&#160;identify the contract with a customer, (ii)&#160;&#160;identify the performance obligations in the contract, (iii)&#160;&#160;determine the transaction price, (iv)&#160;&#160;allocate the transaction price to the performance obligations in the contract and (v)&#160;&#160;recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018, utilizing one of two methods:&#160;&#160;retrospective restatement for each reporting period presented at time of adoption, or a modified retrospective approach with the cumulative effect of initially applying this guidance recognized at the date of initial application.</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We intend to implement this guidance under the retrospective approach. Based on our preliminary review, we expect that the broad definition of variable consideration under this guidance will require us to estimate and record certain variable payments resulting from various sales incentives earlier than we currently record them. We do not expect this change to have a material impact on our consolidated financial statements. We are currently preparing to implement changes to our accounting policies, systems and controls to support the new revenue recognition and disclosure requirements.</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Leases &#8211;</font></div><div style="line-height:120%;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In February 2016, the FASB issued guidance for the accounting for leases. Under this guidance, a lessee will recognize assets and liabilities for most leases, but will recognize expense similar to current lease accounting guidance. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2019, using a modified retrospective approach. We are currently assessing the financial impact of this guidance on our consolidated financial statements.</font></div></div>

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