2016 Q4 Form 10-Q Financial Statement

#000111133516000027 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $816.0M $770.0M $808.0M
YoY Change 0.87% -4.7% 1.89%
Cost Of Revenue $687.0M $665.0M $703.0M
YoY Change -1.15% -5.41% 0.43%
Gross Profit $129.0M $105.0M $105.0M
YoY Change 13.16% 0.0% 12.9%
Gross Profit Margin 15.81% 13.64% 13.0%
Selling, General & Admin $57.00M $53.00M $59.00M
YoY Change -9.52% -10.17% -15.71%
% of Gross Profit 44.19% 50.48% 56.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.00M $16.00M $17.00M
YoY Change 0.0% -5.88% -15.0%
% of Gross Profit 17.05% 15.24% 16.19%
Operating Expenses $64.00M $53.00M $59.00M
YoY Change 33.33% -10.17% -15.71%
Operating Profit $65.00M $52.00M $46.00M
YoY Change -1.52% 13.04% 100.0%
Interest Expense -$3.000M $6.000M $3.000M
YoY Change -123.08% 100.0% -50.0%
% of Operating Profit -4.62% 11.54% 6.52%
Other Income/Expense, Net $11.00M $0.00
YoY Change -100.0%
Pretax Income $34.00M $30.00M $31.00M
YoY Change -140.48% -3.23% -381.82%
Income Tax $3.000M $5.000M $10.00M
% Of Pretax Income 8.82% 16.67% 32.26%
Net Earnings $6.000M $28.00M $5.000M
YoY Change -75.0% 460.0% -123.81%
Net Earnings / Revenue 0.74% 3.64% 0.62%
Basic Earnings Per Share $0.06 $0.83 $0.12
Diluted Earnings Per Share $0.06 $0.81 $0.12
COMMON SHARES
Basic Shares Outstanding 34.01M shares 34.00M shares 40.50M shares
Diluted Shares Outstanding 34.40M shares 41.40M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $878.0M $850.0M $2.912B
YoY Change -68.36% -70.81% 211.11%
Cash & Equivalents $878.0M $850.0M $2.860B
Short-Term Investments $0.00 $0.00 $52.00M
Other Short-Term Assets $170.0M $200.0M $198.0M
YoY Change -70.74% 1.01% -42.61%
Inventory $151.0M $176.0M $202.0M
Prepaid Expenses $35.00M $36.00M $28.00M
Receivables $505.0M $497.0M $554.0M
Other Receivables $117.0M $125.0M $106.0M
Total Short-Term Assets $1.708B $1.727B $3.891B
YoY Change -57.86% -55.62% 11.97%
LONG-TERM ASSETS
Property, Plant & Equipment $345.0M $342.0M $341.0M
YoY Change -1.71% 0.29% -75.69%
Goodwill $45.00M
YoY Change 12.5%
Intangibles
YoY Change
Long-Term Investments $40.00M $42.00M $47.00M
YoY Change -11.11% -10.64% -61.79%
Other Assets $146.0M $120.0M $435.0M
YoY Change 65.91% -72.41% 100.46%
Total Long-Term Assets $665.0M $646.0M $975.0M
YoY Change 5.89% -33.74% -56.04%
TOTAL ASSETS
Total Short-Term Assets $1.708B $1.727B $3.891B
Total Long-Term Assets $665.0M $646.0M $975.0M
Total Assets $2.373B $2.373B $4.866B
YoY Change -49.31% -51.23% -14.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $463.0M $429.0M $506.0M
YoY Change -3.94% -15.22% -54.74%
Accrued Expenses $103.0M $108.0M $122.0M
YoY Change -21.97% -11.48% -31.84%
Deferred Revenue
YoY Change
Short-Term Debt $33.00M $23.00M $31.00M
YoY Change -2.94% -25.81% -76.87%
Long-Term Debt Due $3.000M $1.000M $2.000M
YoY Change 0.0% -50.0% -71.43%
Total Short-Term Liabilities $911.0M $869.0M $959.0M
YoY Change -67.14% -9.38% -51.34%
LONG-TERM LIABILITIES
Long-Term Debt $346.0M $347.0M $349.0M
YoY Change 0.0% -0.57% -58.45%
Other Long-Term Liabilities $69.00M $82.00M $223.0M
YoY Change -8.0% -63.23% 50.68%
Total Long-Term Liabilities $415.0M $429.0M $572.0M
YoY Change -1.43% -25.0% -42.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $911.0M $869.0M $959.0M
Total Long-Term Liabilities $415.0M $429.0M $572.0M
Total Liabilities $1.326B $1.298B $1.531B
YoY Change -58.47% -15.22% -48.26%
SHAREHOLDERS EQUITY
Retained Earnings $1.269B $1.267B $2.924B
YoY Change 6.28% -56.67% 265.96%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.778B $1.699B $1.200B
YoY Change 37.51% 41.58% 60.21%
Treasury Stock Shares 22.21M shares
Shareholders Equity $586.0M $648.0M $2.685B
YoY Change
Total Liabilities & Shareholders Equity $2.373B $2.373B $4.866B
YoY Change -49.31% -51.23% -14.53%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $6.000M $28.00M $5.000M
YoY Change -75.0% 460.0% -123.81%
Depreciation, Depletion And Amortization $22.00M $16.00M $17.00M
YoY Change 0.0% -5.88% -15.0%
Cash From Operating Activities $82.00M $24.00M $70.00M
YoY Change 28.13% -65.71% 32.08%
INVESTING ACTIVITIES
Capital Expenditures -$19.00M -$19.00M -$29.00M
YoY Change -47.22% -34.48% -64.63%
Acquisitions
YoY Change
Other Investing Activities -$18.00M $0.00 -$44.00M
YoY Change -86.86% -100.0% -85.71%
Cash From Investing Activities -$37.00M -$19.00M -$73.00M
YoY Change -78.61% -73.97% -81.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.000M -2.000M 10.00M
YoY Change -86.67% -120.0% -225.0%
NET CHANGE
Cash From Operating Activities 82.00M 24.00M 70.00M
Cash From Investing Activities -37.00M -19.00M -73.00M
Cash From Financing Activities -2.000M -2.000M 10.00M
Net Change In Cash 43.00M 3.000M 7.000M
YoY Change -134.68% -57.14% -102.03%
FREE CASH FLOW
Cash From Operating Activities $82.00M $24.00M $70.00M
Capital Expenditures -$19.00M -$19.00M -$29.00M
Free Cash Flow $101.0M $43.00M $99.00M
YoY Change 1.0% -56.57% -26.67%

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vc Disposalgroupincludingdiscontinuedoperationscapitalexpenditures
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CY2015Q4 vc Distribution Payable
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CY2015Q3 vc Electronicsoperationsrepurchasecommitment
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50000000 USD
CY2016Q3 vc Electronicsoperationsrepurchasecommitment
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50000000 USD
CY2015Q4 vc Employee Related Liabilities Noncurrent
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vc Employeechargesincludingbonusesrelatedto Climate Transaction
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CY2015Q3 vc Equityinnetincomeoflossnonconsolidatedaffiliates
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CY2016Q3 vc Equityinnetincomeoflossnonconsolidatedaffiliates
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CY2015Q4 vc Goodwill And Indefinite Lived Intangible Assets Net
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CY2015Q3 vc Informationtechnologyseparationandserviceobligations
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CY2015Q4 vc Informationtechnologyseparationandserviceobligations
Informationtechnologyseparationandserviceobligations
37000000 USD
CY2016Q3 vc Informationtechnologyseparationandserviceobligations
Informationtechnologyseparationandserviceobligations
7000000 USD
CY2015Q4 vc Intangible Assets Gross Including Goodwill
IntangibleAssetsGrossIncludingGoodwill
171000000 USD
CY2016Q3 vc Intangible Assets Gross Including Goodwill
IntangibleAssetsGrossIncludingGoodwill
186000000 USD
vc Intangible Assets Including Goodwill Translation Adjustment
IntangibleAssetsIncludingGoodwillTranslationAdjustment
4000000 USD
vc Interestratemarginappliedtosellerbackedfacility
Interestratemarginappliedtosellerbackedfacility
0.05
CY2015Q4 vc Jointventurepayables
Jointventurepayables
18000000 USD
CY2016Q3 vc Jointventurepayables
Jointventurepayables
17000000 USD
CY2015Q3 vc Korean Capital Gains Withholding Tax
KoreanCapitalGainsWithholdingTax
377000000 USD
CY2015Q4 vc Korean Capital Gains Withholding Tax
KoreanCapitalGainsWithholdingTax
364000000 USD
CY2016Q1 vc Korean Capital Gains Withholding Tax
KoreanCapitalGainsWithholdingTax
356000000 USD
CY2016Q1 vc Korean Capital Gains Withholding Tax
KoreanCapitalGainsWithholdingTax
356000000 USD
vc Loanguaranteeamount
Loanguaranteeamount
23000000 USD
vc Loanguaranteeperiod
Loanguaranteeperiod
P5Y
vc Loanstononconsolidatedaffiliatesnetofrepayments
Loanstononconsolidatedaffiliatesnetofrepayments
9000000 USD
vc Loanstononconsolidatedaffiliatesnetofrepayments
Loanstononconsolidatedaffiliatesnetofrepayments
8000000 USD
vc Lossesondivestituresandimpairments
Lossesondivestituresandimpairments
17000000 USD
vc Lossesondivestituresandimpairments
Lossesondivestituresandimpairments
4000000 USD
vc Productwarrantyaccrualspecificactionincreasedecrease
Productwarrantyaccrualspecificactionincreasedecrease
7000000 USD
CY2015Q4 vc Property And Equipment Net Before Tooling
PropertyAndEquipmentNetBeforeTooling
337000000 USD
CY2016Q3 vc Property And Equipment Net Before Tooling
PropertyAndEquipmentNetBeforeTooling
325000000 USD
CY2015Q3 vc Provisionoflossesonrecoverabletaxes
Provisionoflossesonrecoverabletaxes
0 USD
vc Provisionoflossesonrecoverabletaxes
Provisionoflossesonrecoverabletaxes
0 USD
CY2016Q3 vc Provisionoflossesonrecoverabletaxes
Provisionoflossesonrecoverabletaxes
0 USD
vc Provisionoflossesonrecoverabletaxes
Provisionoflossesonrecoverabletaxes
1000000 USD
CY2015Q4 vc Recoverabletaxesnoncurrent
Recoverabletaxesnoncurrent
21000000 USD
CY2016Q3 vc Recoverabletaxesnoncurrent
Recoverabletaxesnoncurrent
34000000 USD
vc Reimbursementof Engineeringcosts2yearsfollowingandafter
ReimbursementofEngineeringcosts2yearsfollowingandafter
8000000 USD
vc Reimbursementof Engineeringcostsincurrentyear
ReimbursementofEngineeringcostsincurrentyear
3000000 USD
vc Reimbursementof Engineeringcostsinfollowingyear
ReimbursementofEngineeringcostsinfollowingyear
6000000 USD
CY2015Q4 vc Rentandroyalties
Rentandroyalties
33000000 USD
CY2016Q3 vc Rentandroyalties
Rentandroyalties
30000000 USD
CY2016Q3 vc Restructuringchargesincludingdiscontinuedoperations
Restructuringchargesincludingdiscontinuedoperations
5000000 USD
CY2015Q3 vc Restructuringchargesnetofreversals
Restructuringchargesnetofreversals
3000000 USD
vc Restructuringchargesnetofreversals
Restructuringchargesnetofreversals
18000000 USD
CY2016Q3 vc Restructuringchargesnetofreversals
Restructuringchargesnetofreversals
5000000 USD
vc Restructuringchargesnetofreversals
Restructuringchargesnetofreversals
22000000 USD
vc Securitytransactiontaxesrelatedto Climate Transaction
SecuritytransactiontaxesrelatedtoClimateTransaction
17000000 USD
CY2014Q4 vc Sellerbackedrevolvingcreditfacility
Sellerbackedrevolvingcreditfacility
56000000 USD
vc Sellerbackedrevolvingcreditfacility
Sellerbackedrevolvingcreditfacility
35000000 USD
vc Stockwarrantandoptionexercises
Stockwarrantandoptionexercises
24000000 USD
vc Stockwarrantandoptionexercises
Stockwarrantandoptionexercises
0 USD
vc Tax Adjustments Settlementsand Unusual Provisionsthatimpacttheeffectivetaxrate
TaxAdjustmentsSettlementsandUnusualProvisionsthatimpacttheeffectivetaxrate
11000000 USD
CY2015Q3 vc Transformation Costs
TransformationCosts
5000000 USD
vc Transformation Costs
TransformationCosts
23000000 USD
CY2016Q3 vc Transformation Costs
TransformationCosts
0 USD
vc Transformation Costs
TransformationCosts
3000000 USD
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications:</font><font style="font-family:inherit;font-size:10pt;"> Certain prior period amounts have been reclassified to conform to the current period presentation.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;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 the financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect amounts reported herein. Management believes that such estimates, judgments and assumptions are reasonable and appropriate. However, due to the inherent uncertainty involved, actual results may differ from those provided in the Company's consolidated financial statements.</font></div></div>

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0001111335-16-000027-index-headers.html Edgar Link pending
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0001111335-16-000027.txt Edgar Link pending
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vc-20160930.xml Edgar Link completed
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