2017 Q4 Form 10-Q Financial Statement

#000100865417000031 Filed on October 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $588.6M $539.5M $521.8M
YoY Change -2.05% 3.39% 0.15%
Cost Of Revenue $201.6M $182.7M $168.4M
YoY Change 2.65% 8.49% -2.38%
Gross Profit $387.0M $356.8M $353.4M
YoY Change -4.33% 0.96% 1.41%
Gross Profit Margin 65.75% 66.14% 67.73%
Selling, General & Admin $279.8M $283.5M $284.2M
YoY Change -4.44% -0.25% -1.49%
% of Gross Profit 72.3% 79.46% 80.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.20M $15.10M $13.60M
YoY Change 10.95% 11.03% -12.82%
% of Gross Profit 3.93% 4.23% 3.85%
Operating Expenses $279.8M $283.5M $284.2M
YoY Change -4.44% -0.25% -1.49%
Operating Profit $107.2M $68.40M $91.00M
YoY Change -4.03% -24.84% 47.49%
Interest Expense -$10.50M $11.50M $12.80M
YoY Change -9.48% -10.16% 13.27%
% of Operating Profit -9.79% 16.81% 14.07%
Other Income/Expense, Net $800.0K -$1.300M $300.0K
YoY Change -112.31% -533.33% -200.0%
Pretax Income $77.20M $56.40M $79.30M
YoY Change -17.52% -28.88% 56.72%
Income Tax $28.70M $25.00M $30.50M
% Of Pretax Income 37.18% 44.33% 38.46%
Net Earnings -$326.5M $31.40M $48.80M
YoY Change -513.29% -35.66% 34.81%
Net Earnings / Revenue -55.47% 5.82% 9.35%
Basic Earnings Per Share -$6.41 $0.62 $0.97
Diluted Earnings Per Share -$6.41 $0.61 $0.96
COMMON SHARES
Basic Shares Outstanding 50.89M shares 50.90M shares 50.50M shares
Diluted Shares Outstanding 51.30M shares 50.80M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.1M $85.00M $98.50M
YoY Change 54.61% -13.71% 5.8%
Cash & Equivalents $144.1M $118.9M $98.50M
Short-Term Investments
Other Short-Term Assets $53.40M $52.60M $59.80M
YoY Change -14.7% -12.04% -64.06%
Inventory $262.2M $291.1M $275.0M
Prepaid Expenses
Receivables $144.4M $154.1M $142.4M
Other Receivables $26.40M $27.40M $30.50M
Total Short-Term Assets $630.5M $623.6M $606.2M
YoY Change 15.62% 2.87% -16.77%
LONG-TERM ASSETS
Property, Plant & Equipment $278.2M $276.0M $256.3M
YoY Change 7.08% 7.69% 0.63%
Goodwill $78.90M $80.30M $139.7M
YoY Change -40.5% -42.52% -6.05%
Intangibles $62.50M
YoY Change -7.13%
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $40.60M $34.30M $30.30M
YoY Change 35.79% 13.2% 9.39%
Total Long-Term Assets $757.5M $1.085B $1.049B
YoY Change -27.34% 3.42% 12.19%
TOTAL ASSETS
Total Short-Term Assets $630.5M $623.6M $606.2M
Total Long-Term Assets $757.5M $1.085B $1.049B
Total Assets $1.388B $1.709B $1.655B
YoY Change -12.58% 3.22% -0.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.4M $88.30M $88.50M
YoY Change 5.69% -0.23% -6.55%
Accrued Expenses $401.4M $353.7M $344.6M
YoY Change 23.89% 2.64% 5.13%
Deferred Revenue
YoY Change
Short-Term Debt $131.0M $0.00 $0.00
YoY Change 25.96%
Long-Term Debt Due $133.0M $173.2M $199.9M
YoY Change 25.59% -13.36% -30.15%
Total Short-Term Liabilities $658.8M $635.1M $633.0M
YoY Change 20.31% 0.33% -10.68%
LONG-TERM LIABILITIES
Long-Term Debt $605.1M $605.3M $606.9M
YoY Change -0.15% -0.26% -0.33%
Other Long-Term Liabilities $243.5M $231.6M $225.6M
YoY Change 9.98% 2.66% 2.08%
Total Long-Term Liabilities $243.5M $231.6M $225.6M
YoY Change 9.98% 2.66% 2.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $658.8M $635.1M $633.0M
Total Long-Term Liabilities $243.5M $231.6M $225.6M
Total Liabilities $902.3M $866.7M $858.6M
YoY Change 17.33% 0.94% -7.65%
SHAREHOLDERS EQUITY
Retained Earnings $1.043B $1.408B $1.412B
YoY Change -28.32% -0.26% 3.48%
Common Stock $600.0K $600.0K $600.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $851.5M $863.7M $885.7M
YoY Change -3.26% -2.48% -4.03%
Treasury Stock Shares 12.55M shares 12.73M shares 13.05M shares
Shareholders Equity -$119.4M $236.5M $189.7M
YoY Change
Total Liabilities & Shareholders Equity $1.388B $1.709B $1.655B
YoY Change -12.58% 3.22% -0.49%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$326.5M $31.40M $48.80M
YoY Change -513.29% -35.66% 34.81%
Depreciation, Depletion And Amortization $15.20M $15.10M $13.60M
YoY Change 10.95% 11.03% -12.82%
Cash From Operating Activities $136.2M $31.60M $60.50M
YoY Change -6.9% -47.77% 25.78%
INVESTING ACTIVITIES
Capital Expenditures -$19.70M -$16.00M -$12.90M
YoY Change -15.81% 24.03% -11.64%
Acquisitions
YoY Change
Other Investing Activities $3.000M $5.000M $29.50M
YoY Change -26.83% -83.05% 851.61%
Cash From Investing Activities -$16.70M -$11.00M $16.60M
YoY Change -13.47% -166.27% -244.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.50M -35.20M -60.00M
YoY Change -19.85% -41.33% 506.06%
NET CHANGE
Cash From Operating Activities 136.2M 31.60M 60.50M
Cash From Investing Activities -16.70M -11.00M 16.60M
Cash From Financing Activities -96.50M -35.20M -60.00M
Net Change In Cash 23.00M -14.60M 17.10M
YoY Change 248.48% -185.38% -35.96%
FREE CASH FLOW
Cash From Operating Activities $136.2M $31.60M $60.50M
Capital Expenditures -$19.70M -$16.00M -$12.90M
Free Cash Flow $155.9M $47.60M $73.40M
YoY Change -8.13% -35.15% 17.07%

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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
600000 USD
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
600000 USD
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PaymentsToAcquirePropertyPlantAndEquipment
38200000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
52600000 USD
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PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
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PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
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CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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ProceedsFromRepaymentsOfShortTermDebt
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PropertyPlantAndEquipmentNet
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us-gaap Provision For Loan Lease And Other Losses
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Restructuring Costs And Asset Impairment Charges
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CY2015Q4 us-gaap Restructuring Reserve
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CY2016Q4 us-gaap Restructuring Reserve
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CY2017Q3 us-gaap Restructuring Reserve
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Revenue From Related Parties
RevenueFromRelatedParties
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CY2017Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
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us-gaap Revenue From Related Parties
RevenueFromRelatedParties
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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CY2016Q3 us-gaap Shipping Handling And Transportation Costs
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CY2017Q3 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Treasury Stock Shares
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CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2016Q4 us-gaap Unrecognized Tax Benefits
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CY2017Q3 us-gaap Unrecognized Tax Benefits
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CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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7100000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2017Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
300000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
400000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50700000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51300000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50500000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50800000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's fiscal year ends on the last Saturday of December. As a result, the 2016 fiscal year included 53 weeks with 14 weeks in the fourth quarter, whereas the 2017 fiscal year will include 52 weeks with 13 weeks in the fourth quarter.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates:</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. </font></div></div>

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