2018 Q4 Form 10-Q Financial Statement

#000114498018000128 Filed on October 24, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $1.784B $1.757B $1.602B
YoY Change 6.78% 9.69% -4.81%
Cost Of Revenue $1.502B $1.479B $1.342B
YoY Change 7.12% 10.25% -5.33%
Gross Profit $281.8M $278.0M $260.3M
YoY Change 4.99% 6.8% -2.03%
Gross Profit Margin 15.79% 15.82% 16.25%
Selling, General & Admin $192.2M $188.8M $182.5M
YoY Change 6.48% 3.45% -1.72%
% of Gross Profit 68.2% 67.91% 70.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.500M $8.500M $8.100M
YoY Change 4.94% 4.94% 3.85%
% of Gross Profit 3.02% 3.06% 3.11%
Operating Expenses $200.8M $188.8M $182.5M
YoY Change 6.13% 3.45% -1.72%
Operating Profit $81.00M $80.80M $69.70M
YoY Change 2.27% 15.93% -1.41%
Interest Expense -$23.20M -$21.70M -$19.60M
YoY Change 17.77% 10.71% 3.16%
% of Operating Profit -28.64% -26.86% -28.12%
Other Income/Expense, Net -$21.70M -$19.60M
YoY Change 10.71% 3.16%
Pretax Income $54.10M $59.10M $50.10M
YoY Change -0.55% 17.96% -3.09%
Income Tax $13.70M $14.80M $19.40M
% Of Pretax Income 25.32% 25.04% 38.72%
Net Earnings $40.40M $44.30M $30.70M
YoY Change -4.94% 44.3% -5.25%
Net Earnings / Revenue 2.26% 2.52% 1.92%
Basic Earnings Per Share $2.09 $2.22 $1.49
Diluted Earnings Per Share $2.06 $2.18 $1.48
COMMON SHARES
Basic Shares Outstanding 19.60M shares 20.00M shares 20.60M shares
Diluted Shares Outstanding 20.30M shares 20.80M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.300M $6.800M $2.800M
YoY Change 76.6% 142.86% -24.32%
Cash & Equivalents $8.300M $6.800M $2.800M
Short-Term Investments
Other Short-Term Assets $122.2M $122.2M $117.7M
YoY Change 2.43% 3.82% 25.61%
Inventory $1.068B $1.068B $843.5M
Prepaid Expenses $5.900M
Receivables $130.3M $130.3M $108.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.553B $1.376B $1.221B
YoY Change 19.27% 12.68% -8.71%
LONG-TERM ASSETS
Property, Plant & Equipment $886.1M $877.6M $823.0M
YoY Change 6.22% 6.63% 2.84%
Goodwill $181.2M $181.2M $160.8M
YoY Change 12.69% 12.69% 25.63%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.300M $12.50M $10.60M
YoY Change -7.0% 17.92% -15.87%
Total Long-Term Assets $1.142B $1.141B $1.049B
YoY Change 8.33% 8.74% 6.03%
TOTAL ASSETS
Total Short-Term Assets $1.553B $1.376B $1.221B
Total Long-Term Assets $1.142B $1.141B $1.049B
Total Assets $2.695B $2.516B $2.270B
YoY Change 14.37% 10.86% -2.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.90M $291.3M $277.8M
YoY Change -11.36% 4.86% 2.47%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $966.1M $831.1M $688.3M
YoY Change 31.96% 20.75% -10.55%
Long-Term Debt Due $38.80M $13.10M $14.30M
YoY Change 200.78% -8.39% 2.88%
Total Short-Term Liabilities $1.303B $1.136B $980.4M
YoY Change 23.16% 15.82% -10.86%
LONG-TERM LIABILITIES
Long-Term Debt $866.5M $852.1M $901.4M
YoY Change 0.45% -5.47% -1.63%
Other Long-Term Liabilities $30.70M $30.30M $31.60M
YoY Change 5.14% -4.11% -12.47%
Total Long-Term Liabilities $30.70M $30.30M $31.60M
YoY Change 5.14% -4.11% -12.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.303B $1.136B $980.4M
Total Long-Term Liabilities $30.70M $30.30M $31.60M
Total Liabilities $1.334B $1.166B $1.012B
YoY Change 22.68% 15.2% -10.91%
SHAREHOLDERS EQUITY
Retained Earnings $922.7M $922.7M $707.8M
YoY Change 22.98% 30.36% 30.01%
Common Stock $573.3M $572.1M $560.2M
YoY Change 1.67% 2.12% 2.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.023B $980.9M $918.9M
YoY Change 11.35% 6.75% 10.79%
Treasury Stock Shares 21.72M shares 20.81M shares 20.15M shares
Shareholders Equity $473.2M $481.0M $347.3M
YoY Change
Total Liabilities & Shareholders Equity $2.695B $2.516B $2.270B
YoY Change 14.37% 10.86% -2.44%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $40.40M $44.30M $30.70M
YoY Change -4.94% 44.3% -5.25%
Depreciation, Depletion And Amortization $8.500M $8.500M $8.100M
YoY Change 4.94% 4.94% 3.85%
Cash From Operating Activities -$96.30M $77.30M $124.9M
YoY Change -516.88% -38.11% 53.25%
INVESTING ACTIVITIES
Capital Expenditures -$18.80M -$13.70M -$9.900M
YoY Change -40.88% 38.38% -61.48%
Acquisitions
YoY Change
Other Investing Activities $2.000M $0.00 $3.800M
YoY Change 0.0% -100.0%
Cash From Investing Activities -$16.80M -$13.70M -$6.100M
YoY Change -43.62% 124.59% -76.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 114.6M -59.30M -118.7M
YoY Change 1232.56% -50.04% 120.22%
NET CHANGE
Cash From Operating Activities -96.30M 77.30M 124.9M
Cash From Investing Activities -16.80M -13.70M -6.100M
Cash From Financing Activities 114.6M -59.30M -118.7M
Net Change In Cash 1.500M 4.300M 100.0K
YoY Change -21.05% 4200.0% -94.74%
FREE CASH FLOW
Cash From Operating Activities -$96.30M $77.30M $124.9M
Capital Expenditures -$18.80M -$13.70M -$9.900M
Free Cash Flow -$77.50M $91.00M $134.8M
YoY Change -241.17% -32.49% 25.75%

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-1600000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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CY2017Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
100000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
100000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
200000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
100000 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
100000 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
100000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
100000 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
100000 shares
CY2017Q4 us-gaap Indefinite Lived Franchise Rights
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49600000 USD
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69500000 USD
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13400000 USD
us-gaap Interest Expense Other
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40200000 USD
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13200000 USD
us-gaap Interest Expense Other
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39400000 USD
us-gaap Interest Paid
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48100000 USD
us-gaap Interest Paid
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52000000 USD
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CY2018Q1 us-gaap Inventory Net
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821900000 USD
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5700000 USD
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6200000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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2356700000 USD
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2516300000 USD
CY2017Q4 us-gaap Liabilities Current
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1058200000 USD
CY2018Q3 us-gaap Liabilities Current
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1135500000 USD
CY2017Q4 us-gaap Long Term Debt
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882900000 USD
CY2018Q3 us-gaap Long Term Debt
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CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
862600000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
852100000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
12900000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
13100000 USD
CY2017Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
900800000 USD
CY2018Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
859500000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
28500000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-98000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
243200000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
106400000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
30700000 USD
us-gaap Net Income Loss
NetIncomeLoss
96600000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
44300000 USD
us-gaap Net Income Loss
NetIncomeLoss
127600000 USD
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-19600000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-58900000 USD
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-21700000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-62900000 USD
CY2018Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
9 states
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
69700000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
213600000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
80800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
233600000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
119300000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
125500000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
135700000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
10000000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12500000 USD
CY2017Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
100000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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300000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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900000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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4900000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
200000 USD
CY2018Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
200000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
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29200000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
30300000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2300000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1900000 USD
CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
100000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1200000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
39400000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
61800000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
80100000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
91300000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
0 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
4400000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21400000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21500000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
300000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
17600000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
3800000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
2000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
834200000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
877600000 USD
CY2017Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
30300000 USD
CY2018Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
28300000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
128500000 USD
CY2018Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
114100000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
11500000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
10700000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
750300000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
887100000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
759500000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1757400000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5090200000 USD
CY2017Q3 us-gaap Revenues
Revenues
1602100000 USD
us-gaap Revenues
Revenues
4785600000 USD
CY2018Q3 us-gaap Revenues
Revenues
1757400000 USD
us-gaap Revenues
Revenues
5090200000 USD
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
197200000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
589500000 USD
CY2018Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
206100000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
609900000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
182500000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
549200000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
188800000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
563600000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8200000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
394200000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
481000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
20156962 shares
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
20810183 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
919100000 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
980900000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21000000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20500000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20800000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20300000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top: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%;padding-bottom:12px;padding-top:12px;text-indent:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, variable consideration and constraint considerations related to retro-commission arrangements, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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