2018 Q1 Form 10-Q Financial Statement

#000093303618000015 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $698.0M $742.0M
YoY Change -5.92% -11.21%
Cost Of Revenue $261.1M $279.3M
YoY Change -6.54% -7.11%
Gross Profit $437.0M $462.7M
YoY Change -5.55% -13.51%
Gross Profit Margin 62.6% 62.35%
Selling, General & Admin $411.9M $429.3M
YoY Change -4.05% -7.54%
% of Gross Profit 94.26% 92.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.74M $18.21M
YoY Change -2.56% -4.71%
% of Gross Profit 4.06% 3.94%
Operating Expenses $447.2M $461.5M
YoY Change -3.09% -5.14%
Operating Profit -$10.27M $1.152M
YoY Change -991.49% -97.62%
Interest Expense $11.36M $11.63M
YoY Change -2.32% -2.9%
% of Operating Profit 1009.55%
Other Income/Expense, Net
YoY Change
Pretax Income -$21.42M -$10.32M
YoY Change 107.53% -128.24%
Income Tax -$1.578M -$3.643M
% Of Pretax Income
Net Earnings -$19.84M -$6.679M
YoY Change 197.1% -126.65%
Net Earnings / Revenue -2.84% -0.9%
Basic Earnings Per Share -$0.37 -$0.13
Diluted Earnings Per Share -$0.37 -$0.13
COMMON SHARES
Basic Shares Outstanding 53.41M shares 53.22M shares
Diluted Shares Outstanding 53.41M shares 53.22M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.40M $58.10M
YoY Change 40.1% 25.22%
Cash & Equivalents $81.39M $58.13M
Short-Term Investments
Other Short-Term Assets $67.50M $52.20M
YoY Change 29.31% -15.94%
Inventory $812.5M $945.5M
Prepaid Expenses
Receivables $64.80M $66.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.026B $1.122B
YoY Change -8.57% -10.25%
LONG-TERM ASSETS
Property, Plant & Equipment $269.9M $312.7M
YoY Change -13.67% -3.96%
Goodwill $56.78M $55.31M
YoY Change 2.67% -73.3%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00M
YoY Change
Total Long-Term Assets $360.2M $372.6M
YoY Change -3.31% -31.62%
TOTAL ASSETS
Total Short-Term Assets $1.026B $1.122B
Total Long-Term Assets $360.2M $372.6M
Total Assets $1.386B $1.495B
YoY Change -7.26% -16.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.90M $82.60M
YoY Change 10.05% -11.47%
Accrued Expenses $329.7M $340.4M
YoY Change -3.14% -3.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $420.6M $423.0M
YoY Change -0.57% -5.09%
LONG-TERM LIABILITIES
Long-Term Debt $596.5M $653.4M
YoY Change -8.71% -12.24%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $596.5M $653.4M
YoY Change -8.71% -12.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $420.6M $423.0M
Total Long-Term Liabilities $596.5M $653.4M
Total Liabilities $1.150B $1.237B
YoY Change -7.03% -4.86%
SHAREHOLDERS EQUITY
Retained Earnings $797.4M $789.7M
YoY Change 0.98% -23.37%
Common Stock $834.4M $827.1M
YoY Change 0.88% 0.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.348B $1.348B
YoY Change 0.0% 0.0%
Treasury Stock Shares 56.37M shares 56.37M shares
Shareholders Equity $255.0M $258.4M
YoY Change
Total Liabilities & Shareholders Equity $1.386B $1.495B
YoY Change -7.26% -16.73%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$19.84M -$6.679M
YoY Change 197.1% -126.65%
Depreciation, Depletion And Amortization $17.74M $18.21M
YoY Change -2.56% -4.71%
Cash From Operating Activities $84.48M $59.32M
YoY Change 42.42% -73.83%
INVESTING ACTIVITIES
Capital Expenditures $8.649M $22.05M
YoY Change -60.77% 52.69%
Acquisitions $440.0K $0.00
YoY Change -100.0%
Other Investing Activities $9.000M $500.0K
YoY Change 1700.0% -133.33%
Cash From Investing Activities $374.0K -$21.57M
YoY Change -101.73% 35.03%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $4.268M
YoY Change -100.0% -66.59%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$77.43M -$76.02M
YoY Change 1.86% -66.22%
NET CHANGE
Cash From Operating Activities $84.48M $59.32M
Cash From Investing Activities $374.0K -$21.57M
Cash From Financing Activities -$77.43M -$76.02M
Net Change In Cash $7.423M -$38.27M
YoY Change -119.39% 166.36%
FREE CASH FLOW
Cash From Operating Activities $84.48M $59.32M
Capital Expenditures $8.649M $22.05M
Free Cash Flow $75.83M $37.27M
YoY Change 103.46% -82.44%

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2250000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
22250000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-76017000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-77428000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21573000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
374000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
59317000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
84477000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-6679000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-19843000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
461511000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
447248000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1152000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-10270000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5555000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1648000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
2991000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
438000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5555000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1648000 USD
CY2018Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
2820000 USD
CY2017Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
2652000 USD
CY2018Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
2584000 USD
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
4268000 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
187000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
205000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
440000 USD
CY2017Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
22048000 USD
CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
8649000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22048000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8649000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
64577000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
67517000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
86375000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
26850000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
475000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9463000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
375000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
282901000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
269942000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3422000 USD
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
15702000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3437000 USD
CY2017Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
157937000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
104448000 USD
CY2017Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
13651000 USD
CY2018Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
17455000 USD
CY2017Q4 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
4025000 USD
CY2018Q1 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
3626000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
798743000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
777593000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
797432000 USD
CY2017Q1 us-gaap Revenues
Revenues
741986000 USD
CY2018Q1 us-gaap Revenues
Revenues
698043000 USD
CY2018Q1 us-gaap Secured Debt
SecuredDebt
61700000 USD
CY2017Q4 us-gaap Senior Notes
SeniorNotes
542740000 USD
CY2018Q1 us-gaap Senior Notes
SeniorNotes
542740000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
-698000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
-700000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1900000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1862000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
490000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.5351
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.4497
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0268
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0207
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
452000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.80
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.72
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y6M
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
272443000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
254981000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
271132000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
56369752 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
56369752 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1347677000 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1347677000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5200000 USD
CY2018Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
4100000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53217000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53406000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53217000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53406000 shares
CY2018Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time, the Company, along with our subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We reserve for loss contingencies that are both probable and reasonably estimable. We regularly monitor developments related to these legal proceedings, and review the adequacy of our legal reserves on a quarterly basis. We do not expect these losses to have a material impact on our condensed consolidated financial statements if and when such losses are incurred.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in this audit process included unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. We routinely remit escheat payments to states in compliance with applicable escheat laws.&#160;The negotiated settlements did not have a material adverse impact to our financial statements.</font></div></div>

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