2018 Q1 Form 10-Q Financial Statement

#000136165818000007 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $1.190B $1.246B $1.154B
YoY Change 3.12% 4.44% -0.35%
Cost Of Revenue $31.00M $453.0M $450.0M
YoY Change -93.11% -29.98% -32.63%
Gross Profit $1.159B $477.0M $432.0M
YoY Change 168.29% -29.12% -31.97%
Gross Profit Margin 97.39% 38.28% 37.44%
Selling, General & Admin $284.0M $275.0M $269.0M
YoY Change 5.58% -22.1% -28.84%
% of Gross Profit 24.5% 57.65% 62.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.00M $36.00M $51.00M
YoY Change 9.8% -44.62% -17.74%
% of Gross Profit 4.83% 7.55% 11.81%
Operating Expenses $321.0M $311.0M $301.0M
YoY Change 6.64% -25.6% -31.59%
Operating Profit $103.0M $92.00M $120.0M
YoY Change -14.17% -63.92% -38.46%
Interest Expense $45.00M $42.00M $34.00M
YoY Change 32.35% 27.27% -2.86%
% of Operating Profit 43.69% 45.65% 28.33%
Other Income/Expense, Net $6.000M $4.000M $0.00
YoY Change 33.33% -100.0%
Pretax Income $65.00M $79.00M $153.0M
YoY Change -57.52% -65.04% -6.13%
Income Tax $24.00M -$383.0M $26.00M
% Of Pretax Income 36.92% -484.81% 16.99%
Net Earnings $34.00M $416.0M $90.00M
YoY Change -62.22% 153.66% -6.25%
Net Earnings / Revenue 2.86% 33.39% 7.8%
Basic Earnings Per Share $0.34 $4.12 $0.86
Diluted Earnings Per Share $0.34 $4.09 $0.85
COMMON SHARES
Basic Shares Outstanding 100.1M shares 100.9M shares 105.2M shares
Diluted Shares Outstanding 100.8M shares 101.8M shares 106.0M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.0M $48.00M $222.0M
YoY Change 31.08% -57.52% -30.19%
Cash & Equivalents $226.0M $48.00M $222.0M
Short-Term Investments
Other Short-Term Assets $424.0M $328.0M $466.0M
YoY Change -9.01% 26.15% 38.28%
Inventory $337.0M $1.249B $324.0M
Prepaid Expenses $186.0M $118.0M $188.0M
Receivables $450.0M $195.0M $842.0M
Other Receivables $268.0M $2.901B $260.0M
Total Short-Term Assets $3.682B $2.995B $2.302B
YoY Change 59.95% 65.29% -2.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.112B $822.0M $1.360B
YoY Change -18.24% -20.04% -3.06%
Goodwill $1.330B $911.0M $1.615B
YoY Change -17.65% -25.39% 3.26%
Intangibles $741.0M $286.0M $737.0M
YoY Change 0.54% -58.37% 1.52%
Long-Term Investments
YoY Change
Other Assets $394.0M $328.0M $407.0M
YoY Change -3.19% -7.61% 18.66%
Total Long-Term Assets $7.417B $7.455B $8.041B
YoY Change -7.76% -6.89% 2.88%
TOTAL ASSETS
Total Short-Term Assets $3.682B $2.995B $2.302B
Total Long-Term Assets $7.417B $7.455B $8.041B
Total Assets $11.10B $10.45B $10.34B
YoY Change 7.31% 6.43% 1.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $245.0M $232.0M $740.0M
YoY Change -66.89% 8.92% 16.72%
Accrued Expenses $753.0M $847.0M $750.0M
YoY Change 0.4% 18.13% -3.1%
Deferred Revenue $559.0M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $289.0M $231.0M
YoY Change 25.11% -8.33%
Total Short-Term Liabilities $3.099B $2.629B $2.349B
YoY Change 31.93% 29.38% 4.12%
LONG-TERM LIABILITIES
Long-Term Debt $5.972B $6.006B $5.482B
YoY Change 8.94% 14.97% 5.83%
Other Long-Term Liabilities $293.0M $304.0M $349.0M
YoY Change -16.05% -13.88% -9.35%
Total Long-Term Liabilities $293.0M $304.0M $349.0M
YoY Change -16.05% -13.88% -9.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.099B $2.629B $2.349B
Total Long-Term Liabilities $293.0M $304.0M $349.0M
Total Liabilities $10.45B $9.676B $9.677B
YoY Change 7.98% 6.32% 3.77%
SHAREHOLDERS EQUITY
Retained Earnings $2.449B $2.501B $2.060B
YoY Change 18.88% 26.5% 26.54%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.795B $5.719B $5.268B
YoY Change 10.0% 11.74% 12.85%
Treasury Stock Shares 119.5M shares 118.9M shares 114.5M shares
Shareholders Equity $645.0M $769.0M $662.0M
YoY Change
Total Liabilities & Shareholders Equity $11.10B $10.45B $10.34B
YoY Change 7.31% 6.43% 1.75%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income $34.00M $416.0M $90.00M
YoY Change -62.22% 153.66% -6.25%
Depreciation, Depletion And Amortization $56.00M $36.00M $51.00M
YoY Change 9.8% -44.62% -17.74%
Cash From Operating Activities $133.0M $322.0M $238.0M
YoY Change -44.12% 72.19% -8.81%
INVESTING ACTIVITIES
Capital Expenditures $14.00M -$31.00M $28.00M
YoY Change -50.0% -43.64% -34.88%
Acquisitions $5.000M $0.00
YoY Change
Other Investing Activities $3.000M -$177.0M $0.00
YoY Change 40.48%
Cash From Investing Activities -$30.00M -$208.0M -$21.00M
YoY Change 42.86% 14.92% -76.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $76.00M $147.0M
YoY Change -48.3% -12.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $69.00M -154.0M -$123.0M
YoY Change -156.1% 6.94% 355.56%
NET CHANGE
Cash From Operating Activities $133.0M 322.0M $238.0M
Cash From Investing Activities -$30.00M -208.0M -$21.00M
Cash From Financing Activities $69.00M -154.0M -$123.0M
Net Change In Cash $173.0M -40.00M $97.00M
YoY Change 78.35% -71.01% -32.64%
FREE CASH FLOW
Cash From Operating Activities $133.0M $322.0M $238.0M
Capital Expenditures $14.00M -$31.00M $28.00M
Free Cash Flow $119.0M $353.0M $210.0M
YoY Change -43.33% 45.87% -3.67%

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CY2017Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-37000000 USD
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-47000000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26000000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40000000 USD
CY2017Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
75000000 USD
CY2018Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
72000000 USD
CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-8000000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1000000 USD
CY2017Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
49000000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
63000000 USD
CY2017Q1 us-gaap Increase Decrease In Contract Receivables Net
IncreaseDecreaseInContractReceivablesNet
55000000 USD
CY2018Q1 us-gaap Increase Decrease In Contract Receivables Net
IncreaseDecreaseInContractReceivablesNet
71000000 USD
CY2017Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
32000000 USD
CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
38000000 USD
CY2017Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
32000000 USD
CY2018Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
39000000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
97000000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
76000000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
3000000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
27000000 USD
CY2017Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
32000000 USD
CY2018Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
41000000 USD
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000 shares
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000 shares
CY2017Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
736000000 USD
CY2018Q1 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
741000000 USD
CY2018Q1 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:100%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):</font></div><div style="line-height:120%;padding-left:24px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:96.29629629629629%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:54%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Shares Repurchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;Average Price Per Share</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of December 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,938</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52.32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three months ended March 31, 2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">115.91</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of March 31, 2018</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">95.0</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,014</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52.75</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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