2016 Q2 Form 10-Q Financial Statement

#000142390216000054 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $428.7M $383.1M $437.0M
YoY Change -8.01% -12.33% 48.78%
Cost Of Revenue $104.8M $76.50M $139.4M
YoY Change -28.8% -45.12% 46.12%
Gross Profit $323.8M $306.7M $297.6M
YoY Change 1.57% 3.06% 48.95%
Gross Profit Margin 75.54% 80.05% 68.1%
Selling, General & Admin $99.20M $99.10M $97.40M
YoY Change 1.64% 1.75% 57.86%
% of Gross Profit 30.64% 32.31% 32.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $67.31M $65.10M $68.98M
YoY Change -1.82% -5.63% 63.89%
% of Gross Profit 20.79% 21.22% 23.18%
Operating Expenses $166.5M $164.1M $166.4M
YoY Change 0.18% -1.38% 62.18%
Operating Profit $175.3M $152.2M -$123.2M
YoY Change 3.2% -223.54% -217.5%
Interest Expense $13.43M $32.14M $22.96M
YoY Change -51.35% 39.97% 64.47%
% of Operating Profit 7.66% 21.12%
Other Income/Expense, Net -$36.00K $141.0K $80.00K
YoY Change -145.0% 76.25% -83.87%
Pretax Income $166.1M $124.4M -$141.8M
YoY Change 13.29% -187.71% -248.38%
Income Tax $326.0K $6.633M $12.27M
% Of Pretax Income 0.2% 5.33%
Net Earnings $88.86M $81.82M -$16.37M
YoY Change 1.38% -599.73% -130.8%
Net Earnings / Revenue 20.73% 21.35% -3.75%
Basic Earnings Per Share
Diluted Earnings Per Share $406.1K $373.7K -$74.92K
COMMON SHARES
Basic Shares Outstanding 218.9M shares 218.9M shares 218.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.0M $111.0M $60.00M
YoY Change 79.78% 85.0% -36.17%
Cash & Equivalents $159.7M $111.5M $59.82M
Short-Term Investments
Other Short-Term Assets $6.011M $4.064M $11.04M
YoY Change -50.0% -63.2% 38.08%
Inventory $4.000M $1.000M $6.000M
Prepaid Expenses
Receivables $177.2M $130.6M $144.1M
Other Receivables $46.00M $50.00M $2.000M
Total Short-Term Assets $387.2M $295.1M $215.0M
YoY Change 41.45% 37.28% 6.1%
LONG-TERM ASSETS
Property, Plant & Equipment $5.002B $4.940B $4.711B
YoY Change 4.59% 4.86% 33.86%
Goodwill $419.2M $419.2M $393.0M
YoY Change 6.65% 6.65% 273.13%
Intangibles $817.9M $825.0M $853.4M
YoY Change -3.36% -3.33% 1502.48%
Long-Term Investments $606.1M $610.6M $635.9M
YoY Change -3.92% -3.98% 3.7%
Other Assets $15.28M $15.55M $27.62M
YoY Change -50.99% -43.7% -20.38%
Total Long-Term Assets $7.121B $7.071B $6.881B
YoY Change 2.54% 2.75% 50.05%
TOTAL ASSETS
Total Short-Term Assets $387.2M $295.1M $215.0M
Total Long-Term Assets $7.121B $7.071B $6.881B
Total Assets $7.508B $7.366B $7.096B
YoY Change 4.02% 3.8% 48.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.00M $104.0M $51.00M
YoY Change 102.22% 103.92% 70.0%
Accrued Expenses $130.2M $128.4M $171.8M
YoY Change -13.04% -25.27% 37.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $241.7M $260.0M $242.5M
YoY Change 13.4% 7.21% 40.49%
LONG-TERM LIABILITIES
Long-Term Debt $2.960B $3.049B $2.533B
YoY Change 10.57% 20.38% 32.42%
Other Long-Term Liabilities $166.0M $325.0M $290.0M
YoY Change -44.67% 12.07% 262.5%
Total Long-Term Liabilities $3.132B $3.381B $2.831B
YoY Change 5.01% 19.4% 42.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $241.7M $260.0M $242.5M
Total Long-Term Liabilities $3.132B $3.381B $2.831B
Total Liabilities $3.374B $3.641B $3.074B
YoY Change 5.57% 18.44% 41.93%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.053B $877.0M $1.157B
YoY Change
Total Liabilities & Shareholders Equity $7.508B $7.366B $7.096B
YoY Change 4.02% 3.8% 48.19%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $88.86M $81.82M -$16.37M
YoY Change 1.38% -599.73% -130.8%
Depreciation, Depletion And Amortization $67.31M $65.10M $68.98M
YoY Change -1.82% -5.63% 63.89%
Cash From Operating Activities $155.9M $235.9M $194.3M
YoY Change -11.87% 21.41% 46.86%
INVESTING ACTIVITIES
Capital Expenditures -$118.9M -$137.0M -$211.6M
YoY Change -20.84% -35.26% 6.22%
Acquisitions
YoY Change
Other Investing Activities $8.900M -$705.8M -$2.700M
YoY Change -220.27% 26040.74% -415.05%
Cash From Investing Activities -$110.0M -$842.8M -$214.2M
YoY Change -30.25% 293.46% -63.48%
FINANCING ACTIVITIES
Cash Dividend Paid $88.39M $68.41M
YoY Change 29.21% 35.14%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $31.15M
YoY Change -100.0% -92.76%
Cash From Financing Activities 2.300M 618.7M 12.60M
YoY Change -77.23% 4810.32% -97.11%
NET CHANGE
Cash From Operating Activities 155.9M 235.9M 194.3M
Cash From Investing Activities -110.0M -842.8M -214.2M
Cash From Financing Activities 2.300M 618.7M 12.60M
Net Change In Cash 48.20M 11.80M -7.300M
YoY Change 64.51% -261.64% -61.38%
FREE CASH FLOW
Cash From Operating Activities $155.9M $235.9M $194.3M
Capital Expenditures -$118.9M -$137.0M -$211.6M
Free Cash Flow $274.8M $372.9M $405.9M
YoY Change -15.99% -8.13% 22.44%

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136987000 USD
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
68409000 USD
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
88389000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
4878000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
-474000 USD
CY2015Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2998000 USD
CY2016Q1 us-gaap Prepaid Insurance
PrepaidInsurance
1807000 USD
CY2015Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
2964000 USD
CY2016Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
4784000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
140000000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
356162000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-154095000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
117759000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6556778000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6700809000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4858779000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4940219000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
31150000 USD
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2015Q1 us-gaap Revenues
Revenues
437006000 USD
CY2016Q1 us-gaap Revenues
Revenues
383141000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1097000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1291000 USD
CY2015Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
9280000 USD
CY2016Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
10350000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
770000 USD
CY2016Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
931000 USD
CY2016Q1 wgp Above Market Componentof Swap Extensions
AboveMarketComponentofSwapExtensions
6813000 USD
CY2016Q1 wgp Contributions Of Equity Based Compensation From Parent
ContributionsOfEquityBasedCompensationFromParent
1051000 USD
CY2015Q1 wgp Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
-6000 USD
CY2016Q1 wgp Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
-632000 USD
CY2016Q1 wgp Number Of Days Subsequent To Quarter End That Cash Is Required To Be Distributed
NumberOfDaysSubsequentToQuarterEndThatCashIsRequiredToBeDistributed
P55D
CY2015Q1 wgp Partners Capital Account Adjustment Distributions To Contributions From Affiliate Of Other Assets
PartnersCapitalAccountAdjustmentDistributionsToContributionsFromAffiliateOfOtherAssets
205000 USD
CY2016Q1 wgp Partners Capital Account Adjustment Distributions To Contributions From Affiliate Of Other Assets
PartnersCapitalAccountAdjustmentDistributionsToContributionsFromAffiliateOfOtherAssets
714000 USD
CY2016Q1 wgp Partners Capital Account Adjustment Preacquisition Contributions From Distributions To Affiliate
PartnersCapitalAccountAdjustmentPreacquisitionContributionsFromDistributionsToAffiliate
-27632000 USD
CY2015Q1 wgp Preacquisition Net Income Loss Allocated To Parent
PreacquisitionNetIncomeLossAllocatedToParent
25039000 USD
CY2016Q1 wgp Preacquisition Net Income Loss Allocated To Parent
PreacquisitionNetIncomeLossAllocatedToParent
11326000 USD
CY2015Q1 wgp Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
0 USD
CY2016Q1 wgp Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
6813000 USD
CY2015Q1 wgp Proceeds From Payment For Affiliate
ProceedsFromPaymentForAffiliate
1293000 USD
CY2016Q1 wgp Proceeds From Payment For Affiliate
ProceedsFromPaymentForAffiliate
-27632000 USD
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other methods considered reasonable. Changes in facts and circumstances or additional information may result in revised estimates and actual results may differ from these estimates. Effects on the business, financial condition and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements, and certain prior-period amounts have been reclassified to conform to the current-year presentation.</font></div></div>

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