2019 Q2 Form 10-Q Financial Statement

#000010604019000028 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q2
Revenue $3.634B $3.674B $5.117B
YoY Change -28.98% -26.71% 5.68%
Cost Of Revenue $3.169B $3.095B $3.265B
YoY Change -2.94% 0.29% 3.29%
Gross Profit $465.0M $579.0M $1.852B
YoY Change -74.89% -69.95% 10.17%
Gross Profit Margin 12.8% 15.76% 36.19%
Selling, General & Admin $299.0M $353.0M $352.0M
YoY Change -15.06% -6.12% 2.03%
% of Gross Profit 64.3% 60.97% 19.01%
Research & Development $523.0M $544.0M $577.0M
YoY Change -9.36% -9.63% -4.47%
% of Gross Profit 112.47% 93.96% 31.16%
Depreciation & Amortization $416.0M $444.0M $489.0M
YoY Change -14.93% -11.02% -10.44%
% of Gross Profit 89.46% 76.68% 26.4%
Operating Expenses $822.0M $973.0M $929.0M
YoY Change -11.52% -3.95% -2.11%
Operating Profit -$381.0M -$394.0M $843.0M
YoY Change -145.2% -143.11% 29.29%
Interest Expense -$103.0M $118.0M -$100.0M
YoY Change 3.0% -26.25% -47.92%
% of Operating Profit -11.86%
Other Income/Expense, Net $10.00M -$83.00M -$14.00M
YoY Change -171.43% -92.03% -68.89%
Pretax Income -$474.0M -$477.0M $729.0M
YoY Change -165.02% 272.66% 75.66%
Income Tax -$289.0M $104.0M $49.00M
% Of Pretax Income 6.72%
Net Earnings -$197.0M -$581.0M $756.0M
YoY Change -126.06% -1052.46% 170.0%
Net Earnings / Revenue -5.42% -15.81% 14.77%
Basic Earnings Per Share -$0.67 -$1.99 $2.53
Diluted Earnings Per Share -$0.67 -$1.99 $2.46
COMMON SHARES
Basic Shares Outstanding 293.0M shares 292.0M shares 299.2M shares
Diluted Shares Outstanding 292.0M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.455B $3.697B $5.028B
YoY Change -31.28% -25.81% -21.17%
Cash & Equivalents $3.455B $3.682B $5.005B
Short-Term Investments $0.00 $15.00M $23.00M
Other Short-Term Assets $535.0M $557.0M $492.0M
YoY Change 8.74% 11.4% 19.13%
Inventory $3.283B $3.440B $2.944B
Prepaid Expenses
Receivables $1.200B $1.223B $2.197B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.477B $8.902B $10.64B
YoY Change -20.31% -12.42% -3.78%
LONG-TERM ASSETS
Property, Plant & Equipment $2.843B $3.031B $3.095B
YoY Change -8.14% 0.66% 2.04%
Goodwill $10.08B $10.08B $10.08B
YoY Change 0.01% -0.04% 0.61%
Intangibles $1.711B $1.918B $2.680B
YoY Change -36.16% -35.12% -29.9%
Long-Term Investments $0.00 $104.0M $93.00M
YoY Change -100.0% 11.83%
Other Assets $472.0M $584.0M $642.0M
YoY Change -26.48% -7.89% 8.08%
Total Long-Term Assets $17.89B $18.01B $18.60B
YoY Change -3.79% -4.4% -1.1%
TOTAL ASSETS
Total Short-Term Assets $8.477B $8.902B $10.64B
Total Long-Term Assets $17.89B $18.01B $18.60B
Total Assets $26.37B $26.91B $29.24B
YoY Change -9.8% -7.21% -2.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.567B $1.577B $2.265B
YoY Change -30.82% -26.1% 5.64%
Accrued Expenses $1.296B $1.645B $1.274B
YoY Change 1.73% 62.07% 1.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $276.0M $276.0M $179.0M
YoY Change 54.19% 122.58% -23.18%
Total Short-Term Liabilities $3.817B $4.212B $4.456B
YoY Change -14.34% -1.1% 2.58%
LONG-TERM LIABILITIES
Long-Term Debt $10.25B $10.31B $10.99B
YoY Change -6.8% -6.92% -14.9%
Other Long-Term Liabilities $2.340B $2.178B $2.255B
YoY Change 3.77% -8.06% 91.1%
Total Long-Term Liabilities $12.59B $12.49B $13.25B
YoY Change -5.0% -7.13% -6.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.817B $4.212B $4.456B
Total Long-Term Liabilities $12.59B $12.49B $13.25B
Total Liabilities $16.40B $16.70B $17.70B
YoY Change -7.35% -5.68% -4.0%
SHAREHOLDERS EQUITY
Retained Earnings $7.449B $7.799B $8.757B
YoY Change -14.94% -4.37% 1.44%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.268B $1.424B $1.444B
YoY Change -12.19% 20.58% -13.33%
Treasury Stock Shares 17.00M shares 19.00M shares 16.00M shares
Shareholders Equity $9.967B $10.21B $11.53B
YoY Change
Total Liabilities & Shareholders Equity $26.37B $26.91B $29.24B
YoY Change -9.8% -7.21% -2.09%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q2
OPERATING ACTIVITIES
Net Income -$197.0M -$581.0M $756.0M
YoY Change -126.06% -1052.46% 170.0%
Depreciation, Depletion And Amortization $416.0M $444.0M $489.0M
YoY Change -14.93% -11.02% -10.44%
Cash From Operating Activities $169.0M $204.0M $863.0M
YoY Change -80.42% -80.14% -8.09%
INVESTING ACTIVITIES
Capital Expenditures -$154.0M -$222.0M -$192.0M
YoY Change -19.79% -2.2% 53.6%
Acquisitions
YoY Change
Other Investing Activities -$76.00M -$95.00M -$57.00M
YoY Change 33.33% -44.77% -12.31%
Cash From Investing Activities -$230.0M -$317.0M -$249.0M
YoY Change -7.63% -20.55% 31.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -172.0M -219.0M -563.0M
YoY Change -69.45% -88.75% 1048.98%
NET CHANGE
Cash From Operating Activities 169.0M 204.0M 863.0M
Cash From Investing Activities -230.0M -317.0M -249.0M
Cash From Financing Activities -172.0M -219.0M -563.0M
Net Change In Cash -233.0M -332.0M 51.00M
YoY Change -556.86% -74.81% -92.71%
FREE CASH FLOW
Cash From Operating Activities $169.0M $204.0M $863.0M
Capital Expenditures -$154.0M -$222.0M -$192.0M
Free Cash Flow $323.0M $426.0M $1.055B
YoY Change -69.38% -66.03% -0.85%

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CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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us-gaap Share Based Compensation
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us-gaap Standard Product Warranty Accrual Payments
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CY2019Q1 us-gaap Standard Product Warranty Accrual Payments
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us-gaap Standard Product Warranty Accrual Payments
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us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2019Q1 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Treasury Stock Shares
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CY2019Q1 us-gaap Treasury Stock Shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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296000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
292000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
291000000 shares
wdc Cash Premium On Extinguishment Of Debt
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-720000000 USD
wdc Cash Premium On Extinguishment Of Debt
CashPremiumOnExtinguishmentOfDebt
0 USD
CY2018Q2 wdc Common Stock Values
CommonStockValues
3000000 USD
CY2019Q1 wdc Common Stock Values
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3000000 USD
CY2019Q1 wdc Costs Associated With Underutilized Capacity As A Result Of A Temporary Abnormal Reduction In Production
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wdc Costs Associated With Underutilized Capacity As A Result Of A Temporary Abnormal Reduction In Production
CostsAssociatedWithUnderutilizedCapacityAsAResultOfATemporaryAbnormalReductionInProduction
197000000 USD
CY2019Q1 wdc Deferred Tax Liabilities Projected Effective Rate At Which Position Will Reverse
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0.22
CY2017Q3 wdc Dividends Declared
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CY2017Q4 wdc Dividends Declared
DividendsDeclared
149000000 USD
CY2018Q1 wdc Dividends Declared
DividendsDeclared
148000000 USD
CY2018Q4 wdc Tax Cuts And Jobs Act Of2017 Measurement Period Adjustment Transition Tax For Accumulated Foreign Earnings Liability
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95000000 USD
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-105000000 USD
CY2018Q3 wdc Dividends Declared
DividendsDeclared
144000000 USD
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64000000 USD
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DividendsDeclared
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CY2019Q1 wdc Dividends Declared
DividendsDeclared
146000000 USD
wdc Effective Income Tax Rate Reconciliation Change In Indefinite Reinvestment Assertion Amount
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152000000 USD
CY2018Q1 wdc Effective Income Tax Rate Reconciliation Deductible Make Whole Premiums And Write Off Of Debt Issuance Cost
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211000000 USD
CY2018Q1 wdc Employeeterminationassetimpairmentandothercharges
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35000000 USD
wdc Employeeterminationassetimpairmentandothercharges
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135000000 USD
CY2019Q1 wdc Employeeterminationassetimpairmentandothercharges
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76000000 USD
wdc Employeeterminationassetimpairmentandothercharges
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142000000 USD
CY2019Q1 wdc Intercompany Payable Current
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0 USD
CY2019Q1 wdc Intercompany Receivable Net Current
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0 USD
wdc Intercompanyloanstofromconsolidatedsubsidiaries
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0 USD
wdc Intercompanyloanstofromconsolidatedsubsidiaries
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0 USD
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0.50
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16000000 USD
wdc Non Cash Portion Of Employee Termination Benefits And Other Charges
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0 USD
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wdc Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period And Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax
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31000000 USD
CY2019Q1 wdc Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period And Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax
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wdc Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period And Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax
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940000000 USD
CY2019Q1 wdc Other Miscellanious Liabilities Noncurrent
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wdc Payments For Long Term Loans For Related Parties
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1015000000 USD
wdc Payments For Long Term Loans For Related Parties
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wdc Proceeds From Long Term Loans For Related Parties
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308000000 USD
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570000000 USD
CY2018 wdc Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit Incomplete Accounting Provisional Amount
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5000000 USD
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-302000000 USD
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-52000000 USD
wdc Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Income Tax Expense Benefit Incomplete Accounting Provisional Amount
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279000000 USD
CY2018Q3 wdc Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability
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1260000000 USD
CY2018Q4 wdc Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability
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1250000000 USD
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146000000 USD
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109000000 USD
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fiscal Year</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year ends on the Friday nearest to June&#160;30 and typically consists of </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;">&#160;weeks. Fiscal years </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, which ends on </font><font style="font-family:inherit;font-size:10pt;">June&#160;28, 2019</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, which ended on </font><font style="font-family:inherit;font-size:10pt;">June&#160;29, 2018</font><font style="font-family:inherit;font-size:10pt;">, are each comprised of </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;">&#160;weeks, with all quarters presented consisting of </font><font style="font-family:inherit;font-size:10pt;">13</font><font style="font-family:inherit;font-size:10pt;">&#160;weeks. Fiscal year </font><font style="font-family:inherit;font-size:10pt;">2020</font><font style="font-family:inherit;font-size:10pt;">, which ends on </font><font style="font-family:inherit;font-size:10pt;">July&#160;3, 2020</font><font style="font-family:inherit;font-size:10pt;">, will be comprised of </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;"> weeks, with the first quarter consisting of </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;"> weeks and the remaining quarters consisting of </font><font style="font-family:inherit;font-size:10pt;">13</font><font style="font-family:inherit;font-size:10pt;"> weeks each.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Company management has made estimates and assumptions relating to the reporting of certain assets and liabilities in conformity with U.S. GAAP. These estimates and assumptions have been applied using methodologies that are consistent throughout the periods presented. However, actual results could differ materially from these estimates.</font></div></div>

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