2015 Q4 Form 10-Q Financial Statement

#000073176615000049 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $43.60B $41.49B $32.76B
YoY Change 30.41% 26.65% 6.97%
Cost Of Revenue $6.112B $955.0M
YoY Change 540.0% 30.64%
Gross Profit $35.38B $31.80B
YoY Change 11.23% 6.39%
Gross Profit Margin 85.27% 97.08%
Selling, General & Admin $6.210B $6.178B $5.436B
YoY Change 6.24% 13.65% 11.65%
% of Gross Profit 17.46% 17.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $484.0M $452.0M $373.0M
YoY Change 27.03% 21.18% 6.88%
% of Gross Profit 1.28% 1.17%
Operating Expenses $41.13B $6.178B $5.436B
YoY Change 34.12% 13.65% 11.65%
Operating Profit $3.018B $2.903B
YoY Change 3.96% 10.34%
Interest Expense -$260.0M $229.0M $152.0M
YoY Change 72.19% 50.66% -14.61%
% of Operating Profit 7.59% 5.24%
Other Income/Expense, Net
YoY Change
Pretax Income $2.208B $2.789B $2.751B
YoY Change -15.53% 1.38% 12.15%
Income Tax $956.0M $1.171B $1.149B
% Of Pretax Income 43.3% 41.99% 41.77%
Net Earnings $1.218B $1.597B $1.602B
YoY Change -19.34% -0.31% 2.04%
Net Earnings / Revenue 2.79% 3.85% 4.89%
Basic Earnings Per Share $1.68 $1.65
Diluted Earnings Per Share $1.260M $1.65 $1.63
COMMON SHARES
Basic Shares Outstanding 953.1M shares 953.0M shares 969.0M shares
Diluted Shares Outstanding 967.0M shares 982.0M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $10.92B $7.983B $7.233B
Short-Term Investments
Other Short-Term Assets $2.406B $1.973B $1.361B
YoY Change 128.71% 44.97% 72.28%
Inventory
Prepaid Expenses
Receivables $6.523B $6.752B $3.826B
Other Receivables $6.801B $7.667B $5.189B
Total Short-Term Assets $31.64B $29.94B $22.96B
YoY Change 34.31% 30.36% 8.35%
LONG-TERM ASSETS
Property, Plant & Equipment $4.861B $4.532B $4.309B
YoY Change 10.03% 5.18% 12.54%
Goodwill $44.45B $43.68B $32.36B
YoY Change 34.95% 34.99% 1.91%
Intangibles $8.391B $8.405B $3.579B
YoY Change 128.7% 134.84% -10.95%
Long-Term Investments $20.78B $20.48B $21.33B
YoY Change 1.03% -3.98% 0.51%
Other Assets $3.118B $3.185B $2.872B
YoY Change 4.91% 10.9% 25.58%
Total Long-Term Assets $79.62B $78.34B $62.46B
YoY Change 26.89% 25.41% 2.96%
TOTAL ASSETS
Total Short-Term Assets $31.64B $29.94B $22.96B
Total Long-Term Assets $79.62B $78.34B $62.46B
Total Assets $111.3B $108.3B $85.43B
YoY Change 28.92% 26.74% 4.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.99B $11.30B $8.394B
YoY Change 29.71% 34.62% 17.48%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $3.987B $2.986B $0.00
YoY Change
Long-Term Debt Due $6.634B $5.767B $2.925B
YoY Change 374.2% 97.16% 54.35%
Total Short-Term Liabilities $42.90B $39.95B $31.13B
YoY Change 40.08% 28.34% 11.71%
LONG-TERM LIABILITIES
Long-Term Debt $25.33B $26.02B $14.59B
YoY Change 58.25% 78.28% -1.99%
Other Long-Term Liabilities $1.481B $1.529B $1.326B
YoY Change 9.14% 15.31% -18.25%
Total Long-Term Liabilities $26.81B $27.54B $15.92B
YoY Change 54.41% 73.04% -3.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.90B $39.95B $31.13B
Total Long-Term Liabilities $26.81B $27.54B $15.92B
Total Liabilities $75.79B $73.58B $51.44B
YoY Change 44.26% 43.05% 5.58%
SHAREHOLDERS EQUITY
Retained Earnings $37.13B $36.38B $33.58B
YoY Change 9.72% 8.35% 3.02%
Common Stock $10.00M $10.00M $10.00M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.83B $33.11B $32.60B
YoY Change
Total Liabilities & Shareholders Equity $111.3B $108.3B $85.43B
YoY Change 28.79% 26.74% 4.35%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $1.218B $1.597B $1.602B
YoY Change -19.34% -0.31% 2.04%
Depreciation, Depletion And Amortization $484.0M $452.0M $373.0M
YoY Change 27.03% 21.18% 6.88%
Cash From Operating Activities $3.511B $2.797B $3.200B
YoY Change 44.55% -12.59% -5.77%
INVESTING ACTIVITIES
Capital Expenditures -$484.0M -$356.0M -$405.0M
YoY Change 19.8% -12.1% 12.19%
Acquisitions
YoY Change
Other Investing Activities -$491.0M -$14.21B -$575.0M
YoY Change 80.51% 2372.0% -35.68%
Cash From Investing Activities -$975.0M -$14.57B -$980.0M
YoY Change 44.23% 1386.73% -21.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 409.0M 11.95B -1.388B
YoY Change -127.58% -961.02% -8.44%
NET CHANGE
Cash From Operating Activities 3.511B 2.797B 3.200B
Cash From Investing Activities -975.0M -14.57B -980.0M
Cash From Financing Activities 409.0M 11.95B -1.388B
Net Change In Cash 2.945B 178.0M 832.0M
YoY Change 990.74% -78.61% 33.12%
FREE CASH FLOW
Cash From Operating Activities $3.511B $2.797B $3.200B
Capital Expenditures -$484.0M -$356.0M -$405.0M
Free Cash Flow $3.995B $3.153B $3.605B
YoY Change 41.02% -12.54% -4.05%

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us-gaap Revenues
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53
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68
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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67
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
52
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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110
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P5Y4M24D
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides details of the Company's medical cost reserve development:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;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;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td width="46%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td 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 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="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</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="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div 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#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2014</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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" 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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2014</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;">Related to Prior Years</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">120</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;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">230</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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;">380</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" 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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;">150</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><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;">N/A</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><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;">N/A</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></table></div></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These Condensed Consolidated Financial Statements include certain amounts based on the Company&#8217;s best estimates and judgments. The Company&#8217;s most significant estimates relate to estimates and judgments for medical costs payable and revenues, valuation and impairment analysis of goodwill and other intangible assets, estimates of other policy liabilities and other current receivables, valuations of certain investments, and estimates and judgments related to income taxes and contingent liabilities. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters that are inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted.</font></div></div>

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