2017 Form 10-K Financial Statement

#000162828017005885 Filed on May 25, 2017

View on sec.gov

Income Statement

Concept 2017 2016 Q1 2015 Q4
Revenue $900.0K $27.52M $25.77M
YoY Change 9.53% 21.28%
Cost Of Revenue $64.35M $18.28M $19.26M
YoY Change -13.09% -22.18% 6.46%
Gross Profit $10.84M $9.240M $6.509M
YoY Change -50.67% 463.41% 106.24%
Gross Profit Margin 1204.78% 33.57% 25.26%
Selling, General & Admin $25.69M $7.530M $7.023M
YoY Change -10.99% 32.57% -6.98%
% of Gross Profit 236.91% 81.49% 107.9%
Research & Development $12.54M $3.380M $2.759M
YoY Change 1.93% 16.96% -1.29%
% of Gross Profit 115.65% 36.58% 42.39%
Depreciation & Amortization $157.0K $1.920M $39.00K
YoY Change 0.0% -14.67% 0.0%
% of Gross Profit 1.45% 20.78% 0.6%
Operating Expenses $38.23M $10.95M $9.782M
YoY Change -7.13% 27.18% -5.44%
Operating Profit -$27.54M -$1.708M -$3.312M
YoY Change 36.9% -70.11% -57.18%
Interest Expense -$383.0K -$250.0K $200.0K
YoY Change -138.3% -142.37% -50.0%
% of Operating Profit
Other Income/Expense, Net $65.00K -$1.270M -$20.00K
YoY Change -102.65% -204.1% -90.43%
Pretax Income -$26.23M -$3.230M -$2.151M
YoY Change 26.43% -17.39% -65.2%
Income Tax $1.142M $140.0K $806.0K
% Of Pretax Income
Net Earnings -$27.37M -$3.363M -$2.957M
YoY Change 18.3% 0.0% -53.46%
Net Earnings / Revenue -3041.44% -12.22% -11.47%
Basic Earnings Per Share -$1.98 -$0.25 -$0.22
Diluted Earnings Per Share -$1.98 -$0.25 -$0.22
COMMON SHARES
Basic Shares Outstanding 13.80M shares 13.54M shares
Diluted Shares Outstanding 13.80M shares 13.54M shares

Balance Sheet

Concept 2017 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.80M $39.30M $36.40M
YoY Change -31.81% 91.71% 1.11%
Cash & Equivalents $26.80M $39.33M $36.44M
Short-Term Investments
Other Short-Term Assets $3.500M $6.300M $6.000M
YoY Change -44.44% -53.68% -54.55%
Inventory $17.50M $18.51M $15.20M
Prepaid Expenses
Receivables $8.000M $19.26M $17.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $55.70M $83.34M $74.80M
YoY Change -33.13% 29.11% -13.54%
LONG-TERM ASSETS
Property, Plant & Equipment $43.40M $49.78M $51.20M
YoY Change -12.85% -11.26% -12.11%
Goodwill
YoY Change
Intangibles $854.0K
YoY Change -39.94%
Long-Term Investments
YoY Change
Other Assets $800.0K $315.0K $8.900M
YoY Change -38.46% -88.56% 214.15%
Total Long-Term Assets $44.50M $51.98M $61.00M
YoY Change -14.42% -24.97% -13.45%
TOTAL ASSETS
Total Short-Term Assets $55.70M $83.34M $74.80M
Total Long-Term Assets $44.50M $51.98M $61.00M
Total Assets $100.2M $135.3M $135.8M
YoY Change -25.94% 1.12% -13.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.200M $5.837M $6.942M
YoY Change -44.83% -17.35% -10.25%
Accrued Expenses $9.900M $16.00M $12.90M
YoY Change -38.13% 11.89% -52.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500M $2.600M $3.600M
YoY Change -42.31% -31.58% -2.7%
Total Short-Term Liabilities $32.20M $41.01M $45.40M
YoY Change -21.46% -13.12% -31.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.400M $1.300M
YoY Change -100.0% -64.1% -73.47%
Other Long-Term Liabilities $7.700M $63.00K $4.100M
YoY Change -17.2% -97.75% 358.1%
Total Long-Term Liabilities $7.700M $63.00K $5.400M
YoY Change -28.04% -99.06% 503.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.20M $41.01M $45.40M
Total Long-Term Liabilities $7.700M $63.00K $5.400M
Total Liabilities $40.00M $51.77M $50.80M
YoY Change -22.78% -3.95% -31.82%
SHAREHOLDERS EQUITY
Retained Earnings -$928.2M
YoY Change
Common Stock $1.012B
YoY Change 2.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $881.0K
YoY Change
Treasury Stock Shares 51.51K shares
Shareholders Equity $60.20M $83.55M $85.00M
YoY Change
Total Liabilities & Shareholders Equity $100.2M $135.3M $135.8M
YoY Change -25.94% 1.13% -13.5%

Cashflow Statement

Concept 2017 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income -$27.37M -$3.363M -$2.957M
YoY Change 18.3% 0.0% -53.46%
Depreciation, Depletion And Amortization $157.0K $1.920M $39.00K
YoY Change 0.0% -14.67% 0.0%
Cash From Operating Activities -$11.22M $3.240M -$30.00K
YoY Change 146.0% -127.57% -99.69%
INVESTING ACTIVITIES
Capital Expenditures $656.0K -$410.0K -$480.0K
YoY Change -45.38% 583.33% 182.35%
Acquisitions $0.00
YoY Change
Other Investing Activities -$63.00K $430.0K $5.560M
YoY Change -76.32% -117.27% 146.02%
Cash From Investing Activities $192.0K $10.00K $5.090M
YoY Change -96.06% -100.39% 142.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.167M
YoY Change -20.83%
Cash From Financing Activities -$1.130M -1.000M -1.000M
YoY Change -106.21% 3.09% -111.22%
NET CHANGE
Cash From Operating Activities -$11.22M 3.240M -30.00K
Cash From Investing Activities $192.0K 10.00K 5.090M
Cash From Financing Activities -$1.130M -1.000M -1.000M
Net Change In Cash -$12.15M 2.250M 4.060M
YoY Change -165.64% -114.73% 180.0%
FREE CASH FLOW
Cash From Operating Activities -$11.22M $3.240M -$30.00K
Capital Expenditures $656.0K -$410.0K -$480.0K
Free Cash Flow -$11.87M $3.650M $450.0K
YoY Change 106.09% -131.22% -104.79%

Facts In Submission

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DeferredForeignIncomeTaxExpenseBenefit
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96000 USD
CY2017Q1 us-gaap Deferred Income Tax Assets Net
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407000 USD
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
43000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-18000 USD
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-242000 USD
CY2016Q1 us-gaap Deferred Income Tax Liabilities
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36525000 USD
CY2017Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
35478000 USD
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DeferredIncomeTaxLiabilitiesNet
63000 USD
CY2017Q1 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
125000 USD
CY2015 us-gaap Deferred Policy Acquisition Cost Amortization Expense
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157000 USD
CY2016 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
157000 USD
CY2017 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
157000 USD
CY2016Q1 us-gaap Deferred Revenue Current
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12000000 USD
CY2017Q1 us-gaap Deferred Revenue Current
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14323000 USD
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9269000 USD
CY2017Q1 us-gaap Deferred Revenue Noncurrent
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7631000 USD
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
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337951000 USD
CY2017Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
350852000 USD
CY2016Q1 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
11878000 USD
CY2017Q1 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
11965000 USD
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33000 USD
CY2017Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
282000 USD
CY2016Q1 us-gaap Deferred Tax Assets Net
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36558000 USD
CY2017Q1 us-gaap Deferred Tax Assets Net
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35760000 USD
CY2016Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2017Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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297961000 USD
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14494000 USD
CY2017Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
12454000 USD
CY2017Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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13000000 USD
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28088000 USD
CY2017Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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26222000 USD
CY2016Q1 us-gaap Deferred Tax Assets Valuation Allowance
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301393000 USD
CY2017Q1 us-gaap Deferred Tax Assets Valuation Allowance
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315092000 USD
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9408000 USD
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9637000 USD
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400000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
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400000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
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400000 USD
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DepreciationAmortizationAndAccretionNet
9000000 USD
CY2016 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
7400000 USD
CY2017 us-gaap Depreciation Amortization And Accretion Net
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7000000 USD
CY2015 us-gaap Depreciation And Amortization
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9554000 USD
CY2016 us-gaap Depreciation And Amortization
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7972000 USD
CY2017 us-gaap Depreciation And Amortization
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7519000 USD
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3227000 USD
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1923000 USD
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.98
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-540000 USD
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
324000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-393000 USD
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.11
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.04
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.32
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.18
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.63
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-0.01
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
-0.05
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
-0.20
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.06
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.05
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.01
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-0.01
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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0.00
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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0.00
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-0.01
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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-0.01
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.00
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-0.02
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.00
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.00
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.05
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.02
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.00
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.09
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
0.00
CY2016Q1 us-gaap Employee Related Liabilities Current
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7526000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash
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CY2016 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-2669000 USD
CY2017 us-gaap Increase Decrease In Restricted Cash
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-431000 USD
CY2016 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
746000 USD
CY2017 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0 USD
CY2015 us-gaap Equity Method Investment Realized Gain Loss On Disposal
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0 USD
CY2016 us-gaap Equity Method Investment Realized Gain Loss On Disposal
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3092000 USD
CY2017 us-gaap Equity Method Investment Realized Gain Loss On Disposal
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325000 USD
CY2016Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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8578000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8927000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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301000 USD
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9432000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Gross
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9228000 USD
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854000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Net
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301000 USD
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2800000 USD
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ForeignCurrencyTransactionGainLossBeforeTax
-2300000 USD
CY2017 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
100000 USD
CY2017 us-gaap Foreign Earnings Repatriated
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2100000 USD
CY2015 us-gaap Gain Loss On Investments
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CY2016 us-gaap Gain Loss On Investments
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CY2017 us-gaap Gain Loss On Investments
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0 USD
CY2015 us-gaap Gain Loss On Sale Of Equity Investments
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0 USD
CY2016 us-gaap Gain Loss On Sale Of Equity Investments
GainLossOnSaleOfEquityInvestments
3092000 USD
CY2017 us-gaap Gain Loss On Sale Of Equity Investments
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325000 USD
CY2015 us-gaap Gross Profit
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3088000 USD
CY2016 us-gaap Gross Profit
GrossProfit
21982000 USD
CY2017 us-gaap Gross Profit
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10843000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-40277000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-48840000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-20748000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-26231000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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8688000 USD
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5433000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2391000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1142000 USD
CY2015 us-gaap Income Taxes Paid Net
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362000 USD
CY2016 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1723000 USD
CY2017 us-gaap Income Taxes Paid Net
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992000 USD
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5579000 USD
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1543000 USD
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2677000 USD
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9318000 USD
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854000 USD
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301000 USD
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CY2017 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-383000 USD
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1362000 USD
CY2016 us-gaap Interest Paid
InterestPaid
709000 USD
CY2017 us-gaap Interest Paid
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280000 USD
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3215000 USD
CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
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8016000 USD
CY2016Q1 us-gaap Inventory Net
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18512000 USD
CY2017Q1 us-gaap Inventory Net
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17462000 USD
CY2016Q1 us-gaap Inventory Raw Materials Net Of Reserves
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9665000 USD
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4263000 USD
CY2016Q1 us-gaap Inventory Work In Process Net Of Reserves
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3411000 USD
CY2017Q1 us-gaap Inventory Work In Process Net Of Reserves
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426000 USD
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1386000 USD
CY2016 us-gaap Inventory Write Down
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2713000 USD
CY2017 us-gaap Inventory Write Down
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1615000 USD
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2091000 USD
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1628000 USD
CY2017 us-gaap Lease And Rental Expense
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1338000 USD
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CY2017Q1 us-gaap Liabilities
Liabilities
40018000 USD
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135318000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
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100244000 USD
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41007000 USD
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32217000 USD
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8987000 USD
CY2016 us-gaap Litigation Settlement Expense
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0 USD
CY2017 us-gaap Litigation Settlement Expense
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0 USD
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1367000 USD
CY2017Q1 us-gaap Long Term Notes Payable
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0 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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69900000 USD
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8783000 USD
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18202000 USD
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1809000 USD
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4873000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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192000 USD
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CY2017 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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2624000 USD
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1481000 USD
CY2017 us-gaap Number Of Reportable Segments
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2 segment
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CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q3 us-gaap Operating Income Loss
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CY2016Q4 us-gaap Operating Income Loss
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CY2017Q1 us-gaap Operating Income Loss
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CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
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1684000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Current
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1022000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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168000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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179000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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315000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
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3003000 USD
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2240000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
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315000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
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233000 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-2147000 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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968000 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1163000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
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P5Y8M28D
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401000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
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1100000 USD
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0 USD
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82000 shares
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117000 shares
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427000 shares
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13295000 shares
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CY2017 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of the Business and Operations and Liquidity</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Nature of the Business and Operations</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">American Superconductor Corporation (together with its subsidiaries, &#8220;AMSC&#8221; or the &#8220;Company&#8221;) was founded on April&#160;9, 1987. The Company is a leading provider of megawatt-scale solutions that lower the cost of wind power and enhance the performance of the power grid. In the wind power market, the Company enables manufacturers to field wind turbines through its advanced engineering, support services and power electronics products. In the power grid market, the Company enables electric utilities and renewable energy project developers to connect, transmit and distribute power through its transmission planning services and power electronics and superconductor-based products. The Company&#8217;s wind and power grid products and services provide exceptional reliability, security, efficiency and affordability to its customers.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s consolidated financial statements have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (&#8220;GAAP&#8221;) and the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) instructions to Form 10-K. The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 24, 2015, the Company effected a 1-for-10 reverse stock split of its common stock. Trading of the Company&#8217;s common stock reflected the reverse stock split beginning on March 25, 2015. Unless otherwise indicated, all historical references to shares of common stock, shares of restricted stock, restricted stock units, shares underlying options, warrants or calculations that use common stock for per share financial reporting have been adjusted for comparative purposes to reflect the impact of the 1-for-10 reverse stock split as if it had occurred at the beginning of the earliest period presented.</font></div><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Liquidity</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has experienced recurring operating losses and as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had an accumulated deficit of </font><font style="font-family:inherit;font-size:10pt;">$955.6 million</font><font style="font-family:inherit;font-size:10pt;">. In addition, the Company has experienced recurring negative operating cash flows.&#160;&#160;At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had cash and cash equivalents of </font><font style="font-family:inherit;font-size:10pt;">$26.8 million</font><font style="font-family:inherit;font-size:10pt;">. Cash used in operations for the year ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$11.2 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From April 1, 2011 through the date of this filing, the Company has reduced its global workforce substantially, including an </font><font style="font-family:inherit;font-size:10pt;">8%</font><font style="font-family:inherit;font-size:10pt;"> reduction in force, primarily affecting employees in its Devens, Massachusetts facility, effective April 4, 2017.&#160;&#160;The Company has taken actions to consolidate certain business operations to reduce facility costs.&#160;&#160;As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had a global workforce of </font><font style="font-family:inherit;font-size:10pt;">354</font><font style="font-family:inherit;font-size:10pt;"> persons.&#160;&#160;The Company plans to closely monitor its expenses and, if required, expects to further reduce operating costs and capital spending to enhance liquidity. The Company expects to incur restructuring charges of </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;"> in cash severance expenses in the first quarter of fiscal 2017, in connection with the workforce reduction.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Over the last several years, the Company has entered into several debt and equity financing arrangements in order to enhance liquidity.&#160;&#160;During the fiscal years ended March 31, 2013 through 2017, the Company generated aggregate cash flows from financing activities of </font><font style="font-family:inherit;font-size:10pt;">$69.9 million</font><font style="font-family:inherit;font-size:10pt;">, including net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$2.5 million</font><font style="font-family:inherit;font-size:10pt;"> during the three months ended March 31, 2017 from the Company's At Market Issuance Sales Agreement ("ATM") with FBR Capital Markets &amp; Co.&#160;&#160;In addition, on </font><font style="font-family:inherit;font-size:10pt;">May&#160;10, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company completed an additional equity offering, which generated net proceeds of approximately </font><font style="font-family:inherit;font-size:10pt;">$14.7 million</font><font style="font-family:inherit;font-size:10pt;">, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company terminated the ATM in conjunction with this equity offering. See Note 9, &#8220;Debt&#8221;, Note 12 &#8220;Stockholders&#8217; Equity&#8221;, and Note 19, "Subsequent Events" for further discussion of these financing arrangements. The Company believes that it is in compliance with the covenants and restrictions included in the agreements governing its debt arrangements as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2015, the Company entered into a set of strategic agreements valued at approximately </font><font style="font-family:inherit;font-size:10pt;">$210.0 million</font><font style="font-family:inherit;font-size:10pt;"> with Inox, which includes a multi-year supply contract pursuant to which the Company will supply electric control systems to Inox Wind Ltd. (&#8220;Inox&#8221;) and a license agreement allowing Inox to manufacture a limited number of electrical control systems over the next </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> years.&#160;&#160;After this initial three to four year period, Inox agreed that the Company will continue as Inox&#8217;s preferred supplier and Inox will be required to purchase from the Company a majority of its electric control systems requirements for an additional </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">-year period.&#160;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company believes based on the information presented above, and its annual management assessment, that it has sufficient liquidity to fund its operations, capital expenditures and scheduled cash payments under its debt obligations to meet the liquidity needs for the next twelve months following the issuance of the financial statements.&#160;&#160;The Company&#8217;s liquidity is highly dependent on its ability to increase revenues, its ability to control its operating costs, its ability to maintain compliance with the covenants and restrictions on its debt obligations (or obtain waivers from the lender in the event of non-compliance), and its ability to raise additional capital, if necessary.&#160;&#160;There can be no assurance that the Company will be able to continue to raise additional capital from other sources or execute on any other means of improving liquidity described above.</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:37px;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, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, collectability of receivables, realizability of inventory, goodwill and intangible assets, warranty provisions, stock-based compensation, valuation of warrant and derivative liabilities, tax reserves, and deferred tax assets. Provisions for depreciation are based on their estimated useful lives using the straight-line method. Some of these estimates can be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. While for any given estimate or assumption made by the Company&#8217;s management there may be other estimates or assumptions that are reasonable, the Company believes that, given the current facts and circumstances, it is unlikely that applying any such other reasonable estimate or assumption would materially impact the financial statements.</font></div></div>

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